Regarding transition risks, banks will have to publish, among other things, their exposures towards the ten high-emissions sectors defined by the European legislation8 and towards the top twenty most polluting companies worldwide, as well as measures of energy efficiency of their real estate collateral.
In order to fulfil this role, the Broad Economic Policy Guidelines have, in recent years, been enhanced in several ways. They have become more operational through the use of more concrete recommendations in both the general and country-specific parts. Moreover, within the overall process of policy co-ordination, increased emphasis is being placed on implementation.