This brings me to the project currently underway at the European Commission with the aim of creating a Capital Markets Union, or CMU. CMU has the potential to complement banking union and strengthen Economic and Monetary Union by improving cross-border risk-sharing and making the financial system more resilient.
These are being carefully examined before we frame any regulatory guidance on climate risk and sustainable finance. 24. Along with the Discussion Paper, we had also released the results of a survey undertaken to assess the approach, level of preparedness and progress made by leading scheduled commercial banks in India for managing climate-related financial risk.