Moreover, public investment toward restoration and rebuilding is projected to take hold going forward. Although the extent to which the disasters affect inbound demand was a matter of concern at first, such demand has been showing faster recovery than expected, partly reflecting successful results of the government's and the private sector's provision of relevant  3  information to the public.
Finally, let me mention a new dimension of risk that affects both banks and non-banks: the risks related to climate change, which have the potential to become systemic.2 The ECB monitors the physical and transition risks faced by financial institutions. 3 But improved disclosure is essential 3/4  BIS central bankers' speeches  to pursue this effort in earnest.