This problem is partly due to the wide range of definitions of sustainability risk used by financial investors. In the case of credit risk, for example, the common definition considered in the market leads to a high correlation of credit scores across rating agencies.
And of course we became even closer colleagues last fall when I moved to Frankfurt to join the Executive Board. It is with warmth and admiration of your professional skills and congenial nature that I look at our common experiences. Having now nearly completed your full term as ECB Executive Board member, you have witnessed the financial and sovereign debt crises from the start.