We have also been conducting several initiatives to help raise awareness of the importance of this issue, including workshops and meetings with the industry to learn more about how the sector is coping with climate change. Despite all these efforts, there are still obstacles and methodological challenges to overcome. These include the longer and uncertain horizon that must be applied to assess these risks, and the finalisation of a common taxonomy enabling us to distinguish what is "green" and what is "brown". I am sure our outstanding speakers today will help us to shed light on these issues, and I look forward to the discussions this morning. As I mentioned earlier, the slogan of the United Nations Climate Change Conference, COP25, is “Time for Action is now”, so I believe it is time for me to stop talking and move to Lord Stern´s presentation. Thank you very much. 9  Single Supervisory Mechanism. 5/5
In yesterday’s tender offer, 30 of the 500 million dollars were awarded, which is evidence that the international liquidity problems are being properly managed by banks without having to resort to our credit lines. Notwithstanding, the Central Bank of Chile will continue to monitor the external financial conditions in order to mitigate the domestic impact of potentially bigger complications. From the inflationary standpoint, our latest Monetary Policy Report assumed that the international scenario would not contribute in any significant manner to reduce inflation. However, our risk scenario also assumed that a further deterioration of the world economy could not be ruled out, and we are seeing it today. Most likely, in the near future world growth projections will be significantly adjusted downward, helping to reduce inflationary pressures  1  As a function of the benchmark basket of the investment portfolio. BIS Review 123/2008  3  in the medium term. In addition, commodity prices have dropped recently, including a sharp reduction in the prices of oil and grains, especially wheat. Our objective and commitment is that annual inflation gradually converge, over a two-year period, to its 3% target, so monetary policy will continue to be oriented to complying with said objective. The potential inflationary consequences of events occurring internationally will be duly pondered. We have in place a flexible monetary policy that allows for gradual adjustments to both changing international conditions and domestic developments, strongly committed with inflation control, because low inflation ensures the necessary stability for sustained economic growth.