Adjusting for inflation, overall economic losses increased from around USD 60 billion in 1980, to USD 150 billion in 2019, with a peak of USD 350 billion in 2018. [1] According to the Intergovernmental Panel on Climate Change, global warming of 1.5°C above preindustrial times is likely to bring about substantial changes in our climate, increasing the likelihood of more extreme weather conditions.
Now that political agreement has been reached, we are currently in the implementation phase. For the ECB, this means preparing for the operational start of the SSM in November 2014. To this end, we are currently undertaking a comprehensive assessment of euro area banks’ balance sheets.