Climate change is real, but I do not believe it poses a serious risk to the safety and soundness of large banks or the financial stability of the United States. 1 Risks are risks. There is no need for us to focus on one set of risks in a way that crowds out our focus on others.
Studies conducted over the years, which are summarised in a special chapter of the recent ECB report on Financial Integration in Europe, have attempted to measure the impact that the removal of capital controls and the related harmonisation measures had on the European financial sector.