My focus today, however, will be cooperation in monetary policy and, especially, in the meeting of the liquidity needs of our increasingly globalized financial markets. As you know, financial markets remain under severe strain. The proximate cause of the financial turmoil was the end of the U.S. housing boom and the attendant losses on mortgages and mortgage-related assets by many institutions.
6/8  BIS central bankers' speeches  Now let me move to the third, and probably biggest challenge of all. How can we transform banking so that it contributes responsibly to an ecologically sustainable, yet growing and employing economy, in the face of climate change? Let me be clear, climate change is very relevant for banks.