Despite the challenges, it will be critical to make progress, even if initially imperfect, in order to ensure that financial institutions are resilient to climate-related financial risks and well-positioned for the opportunities associated with the transition to a more sustainable economy.
And I am honoured to have this opportunity to speak about where we are in terms of financial regulatory reform, what has been achieved to date and the priorities ahead. One year after the climax of the financial crisis, market conditions have eased significantly and a degree of confidence in the financial system has returned.