While shareholder value is certainly not our main concern, this debate applies to a certain extent to central banks too. The concept of sustainability, however, appears to provide a link between doing good and doing well in the long run. Recent experience has indeed shown that, so far, ESG-compatible investment has not underperformed compared with unconstrained investment strategies.
We therefore have to carefully channel what is left of the original momentum. I join those calling for an end to the development phase and a turn to the implementation phase of regulatory reforms.