To meet this goal, we need to overcome a host of challenges. First, on the society front, public awareness of emission reduction has to be raised. Second, on the market front, the carbon market has to play a greater role in price discovery. Only when carbon emission is priced in, can we achieve effective resources allocation.
4  BIS central bankers’ speeches  In the area of governance and accountability to the public, policymakers also recognized the need for reforms to improve the Federal Reserve’s structure and decisionmaking. The Banking Act of 1935 simultaneously bolstered the legal independence of the Federal Reserve and provided for stronger central control by the Federal Reserve Board.