And, of course, the future of the car industry is deeply interconnected to where we’re going to be in terms of regulatory policy, carbon taxation, the preferences of consumers – many factors which are centrally driven by the carbon transition already are central to monetary policy. I think that’s only going in one direction.
It’s very difficult to overstate, in the 3/5  BIS central bankers' speeches  last two years, the speed at which the world’s central banks, both as monetary policymakers and as regulators, have invested in dealing with the carbon transition. The implications for monetary policy are quite straightforward. At one level, there are many opportunities.