In an open letter published three weeks ago on climate-related financial risks from the Governor of Bank of England Mark Carney, Governor of Banque de France François Villeroy de Galhau and Chair of the Network for Greening the Financial Services Frank Elderson, the significant effects of climate change are highlighted and a call for action from central banks and supervision is issued, with specific recommendations where central banks are encouraged to integrate sustainability into their own portfolio management. In closing, the authors recognize that “climate change is a global problem, which requires global solutions, in which the whole financial sector has a crucial role to play”. Today we have unlocked the gates towards exotic, yet newsworthy debates here, in Bucharest. Therefore, permit me to extend an open invitation to you all for further discussions at the National Bank of Romania about the impact of climate changes on economies, finance and central banking. We will be honored to host such a conference in Bucharest. Thank you for your attention. 2/2  BIS central bankers' speeches
The necessary reforms will call for short-term sacrifices from all walks of life, such as the relinquishment of protection and privileges. However, the long-term gains in wealth for the country at large will more than compensate for these short-term difficulties. BIS Review 42/2005  1