One example of this is that during earlier periods we could see directly the effect of a 0.25 percentage points lower repo rate on the inflation forecast. Here it is exemplified by two figures from the Monetary Policy Report published in July 2014, at the end of the period when we only used the repo rate and the repo-rate path as tools (see Figure 12). Based on estimates in a macroeconomic model, we could clearly read the expected effect of the monetary policy alternatives on our target fulfilment. But with the extensive toolbox we have used during the coronavirus pandemic we can in principle agree that the measures give the ‘right sign’ as my colleague, Governor Stefan Ingves has put it. It is much more difficult to evaluate the effect on target fulfilment quantitatively. Although many attempts have been made to estimate the effects of the asset purchases on inflation, they are not as certain as the 29 See Sveriges Riksbank (2020c), Sveriges Riksbank (2021a) and Sveriges Riksbank (2021b) for a more detailed description of the Riksbank's views on the proposal. 11 [20]  effects of the repo rate. 30 The obvious explanation is that the channels have not been as fully investigated, and the number of observations to estimate the effects is so small. Here we have a challenge ahead of us. Our independence with regard to monetary policy presupposes openness and clarity to enable accountability.
Beyond these unexpected headwinds, the key challenges have come from foreseeable sources. I am conscious I have adopted a number of lists today – but bear with me for one final one as I set out four key challenges we will need to overcome if we are to turn aspiration into action that advances the transition. And in the spirit of being solutions focused, not just a naysayer, I will also provide views on how to overcome each of the challenges. Challenges to advancing the transition The first challenge is that filling capability gaps in the transition finance infrastructure takes time, so we need to continue to take urgent steps now. Collectively we need to equip the financial sector with forward-looking information from the real economy to allocate capital effectively and mobilise finance at scale. That means the rapid implementation of ISSB standardsOpens in a new window, finalising the Transition Plan Taskforce's frameworkOpens in a new window for transition plans, and the adoption of innovations that reduce greenwashing such as product labels. The Government's 2023 Green Finance StrategyOpens in a new window sets out further detail on the timeline for Sustainability Disclosure Requirements and commits to reflect developments in international standards. It also commits to consult on the requirements for the UK's largest companies to disclose their transition plans. But, the responsibility for driving forward the transition to net zero is not only for governments and the authorities in building the frameworks. As NEDs, it includes all of your firms in using those frameworks.