The additional half-point cut in official rates just a few days ago, the possibility of further reductions and especially the clearer intention of using fiscal policy are capable of reviving positive expectations and thus creating the conditions for an upturn. The sustained expansion in economic activity in the nineties helped to generate the budget surplus and reduce the public debt.
As financial regulators specifically, our opportunity is to steer the financial sector towards serving the needs of the people in mitigating the contributors towards climate change and building long-term resilience. We acknowledge that we will not be able to do this alone and that public and private partnerships will need to be forged in order to ensure that climate financing needs are met.