Regarding financial stability, we evaluate whether the financial system as a whole is able to deal with asset devaluations resulting from physical climate risks or from transformation risks following political decisions to address climate change, for example on energy policies. Furthermore, the Bundesbank is intensifying the public dialogue to raise even more awareness among market participants and the general public.
Finally, one last question is whether we could draw some lessons from how banks globally have transitioned to IFRS from local GAAP?