Insofar monetary policy can be regarded as successful. But it came at a price. Monetary policy is in uncharted territory. Questions came up whether further monetary easing could have diminishing or even negative returns. Against this background, sizeable downward risks and vulnerabilities continue to exist.
First, we included green finance in the agenda of China’s G20 presidency in 2016, when the G20 Green Finance Study Group was set up and helped build consensus on green and sustainable finance. Second, we jointly established the NGFS in December 2017, along with the Bank of England, the Bank of France, the Monetary Authority of Singapore and other partners.