We also agree on the need for credit rating agencies to develop standards or guidelines on integrating environmental, social and governance (ESG) information into their ratings or other scores. This would enable financial and non-financial firms’ exposures to climate-related risks to be better priced and monitored.
Second, we should keep in mind that our assessment of the success of the euro, indeed of the entire experiment in European integration, rests not only on economic criteria but also on the success of Europe as a political entity.