Let me now discuss the economic outlook in a little more detail, beginning with developments in the real economy and then turning to inflation. I will conclude with some brief comments on monetary policy. Consumer spending continues to be the mainstay of the current economic expansion.
2/5  BIS - Central bankers' speeches  In November of last year, you will remember, we issued a letter to regulated firms setting out our clear supervisory expectations relating to climate, environment and ESG issues. Our supervisory expectations focus on five key areas including governance, risk management framework, scenario analysis, strategy and business model risk and disclosures.