Building trust in the ability of authorities to address risks to financial stability takes time. Financial sector reforms of the past decade have made the financial system more resilient. Whether risks have been pushed to other, less regulated parts of the financial system, and how the global financial system will weather the next storm, requires heightened attention. 5. References Allen, Hillary J. (2022).
Extreme weather events in East African countries like South Sudan, Kenya and Somalia have led to floods that have affected more than three million people, pushing hundreds of thousands from their homes and resulted in more than 250 deaths. And this this is only a short overview of recent media reports. Serious tipping points seem to be reached shortly.