As I have already mentioned, this enabled us to conduct a monetary policy in the heart of the euro area that is suited to the needs of Switzerland. And that brings me to my concluding remarks. 5. Conclusion  Switzerland is a small, open country, with few natural resources, which in many ways has become global. The export industry and the financial sector have adjusted well to the new structures and have become global players. The domestic economy and the political structures, however, are straining to make the equivalent adjustments because changes in those areas would often affect vested interests and future claims on the social security system. Nor has there been sufficient pressure to act. However, in order for Switzerland to stand the test in a dynamic global environment, it must ensure that the reform process currently under way will be continued and accelerated. By now, some observers have come to question Switzerland’s ability to make comprehensive reforms altogether and assert that the country has become a problem case because of its inability to make changes. I do not share this pessimistic view. On the contrary, I am convinced that the understanding for the necessity of reforms, and with it the willingness to temporarily accept disadvantages, will grow. What ultimately gives me cause for optimism are Switzerland’s sense of realism and its wealth of experience. We are aware that neither the European environment nor globalisation will take our national feelings into account.
Collectively, our Cornerstone Members, Global Partners and Knowledge Partner will forge a community of practice to support the green transformation of commercial banks in Asia. 18. Today we are also publishing the Alliance’s first thought leadership paper, in collaboration with the Hong Kong Institute for Monetary and Financial Research. The paper presents a curated overview of the effects of climate risk on financial institutions and financial markets, methods for measuring climate risk, the evolving practices as well as regulatory initiatives that seek to address climate risk. 19. Ladies and gentlemen, we are excited to embark on the transition path with the Alliance members and partners. We are confident that the learning and sharing among peers will encourage cross-fertilisation of ideas and the continued advancement of green finance best practices. Starting from Hong Kong, we wish to create a lasting ripple effect in emerging markets throughout Asia and beyond that will contribute meaningfully to the global effort in tacking climate change through the power of finance. 20. Thank you. 1 Source: ASIFMA https://www.asifma.org/wp-content/uploads/2020/12/asifma-fosda-esg-  and-sf-data-challenges-and-opportunities-in-asia-f20201221c.pdf