3 See de Guindos, L. (2018), “Coming to the forefront: the rising role of the investment fund sector for financial  stability in the euro area”, Speech at Opening Conference, 21st Euro Finance Week, Frankfurt am Main, 12 November. 4 Level 3 assets decreased from € billion to € billion, constituting less than 1% of significant institutions’  total assets.
My third and final message goes out to financial institutions: Be a real driver of the economic transformation! If and when capital flows more strongly into climate-friendly economic activities, the financial system can play a pivotal role in changing the real economy. This is the spirit of the Paris Agreement.