This should be achieved by monitoring all components of the financial sector that have a systemic impact as well as the interplay between the financial system and the real economy. A sound understanding of the evolution of the linkages – the “interconnectedness” – between financial institutions, financial markets and financial infrastructures will be a key element for the successful fulfilment of the ESRB’s mandate.
This is the reason why in this keynote I want to stress that “we have no time to lose regarding the sustainable transformation”; that we need to “step up the global ambition to meet the Paris Agreement goals”; that our world needs “more ambition to accelerate the change towards a net-zero economy”; and that “financial institutions can and must play a key role in driving the world towards net-zero carbon emissions”.