19  -8measure, monitor, and disclose the associated financial risks [from climate change]; and (2) tailored to the complexity of specific types of institutions.” 20 In light of the high uncertainty inherent in estimating climate risks, scenario analysis may be a helpful tool to assess the microprudential and macroprudential implications of climate-related risks under a wide range of assumptions.
But it will result precisely in that often-deplored muddling-through, in which the question of what Europe is doing, and how, is settled more by historical accidents than by rational economic decisions. And the EU must not suffer the same fate as the dinosaurs. The greatest challenge facing Europe is doubtless the issue of employment - at least on the Continent.