In Sweden’s case this means that we have really caught up since the beginning of the millennium when we used cards only half as much as these Nordic neighbours. 1 Cards are still used to a greater extent in Norway than in the other Nordic countries. All-in-all, this development means that the use of cards has now reached such a level throughout the Nordic region that a serious disruption that affects the entire card system, or large parts of the system, would have serious consequences for the ability of people to make  1  Speech by Lars Nyberg (2008): “Paying is expensive – are we using too much cash?”. BIS Review 7/2010  1  payments. Cash could no longer replace cards if the card systems were to break down. If card payments do not work, then the entire payment system will not work satisfactorily either. The Riksbank’s responsibility for a safe and efficient payment system therefore means that we also have an interest in ensuring that card payments work safely and efficiently. To get more up-to-date information and to learn more about how the Swedes pay, the Riksbank conducted a survey towards the end of last year. The aim of the survey was to determine how people choose between different means of payment and the factors that affect these choices. As similar surveys were conducted in 2006, we also wanted to see whether the payment patterns had changed over the three years between the surveys.
Let me stress a few recent and important steps forward in Europe and in France. The Eurosystem is now incorporating climate change into the ECB's monetary policy operations, as announced by President Christine Lagarde in early July. When it comes to its non-monetary policy portfolios, after achieving the 2°C objective, the Banque de France will now align them with the 1.5°C objective, starting with European equities by end-2023, and completely by end-2025. As supervisors, the French ACPR conducted the first pilot stress tests dedicated to climate risks in 2021, followed by the ECB in 2022. Many jurisdictions (36 at this stage, including Japan) have followed, or are following the same road. The release last summer of six updated NGFS(v) macrofinancial scenarios will allow for enhanced assessments. This network, based in the Banque de France with an Asian chair, Ravi Menon of MAS, now has more than 120 members. We are very happy to count the Bank of Japan and the Japanese FSA among them. C. Raising stakes for standard setting and supervisory requirements Appropriate disclosure is obviously of the essence to foster sound and trustworthy green finance. Europe has been a pioneer in drafting standards. Since then, the newly born ISSB(vi) has published two draft standards on general disclosure requirements and climate-related disclosures, and the US SEC(vii) has published a proposal on climaterelated requirements, which would – if adopted – gradually come into force between 2024 and 2026. These initiatives are obviously welcome: climate change is a global topic.