We also stand ready to support any further work the Commission may undertake in this field. By way of example, I would like to mention that we advised the Council on amendments to the UCITS Directive, and stand ready to advise it on any future legislative initiative in the field.
Nevertheless, global warming has important implication for monetary policy, through its long run impact on rates of real interest and growth, and its short run repercussions on the level of prices of fossil fuels, which may react quite strongly to changing perceptions of the character and extent of the global warming phenomenon.