Like so many of the impacts of climate change, this cost would be borne unequally: 45% of the mortgage impairments in the scenario are accounted for by just 10% of the country. [12] And there is evidence that in areas particularly at risk of flooding, many homes could become uninsurable. Finally, the CBES exercise is a measure of the progress banks and insurers are making in their climate risk management. Overall, this is a good news story: we were encouraged by the progress  Page 7  firms have made. But there is still much more to do. We will give firm-specific feedback to participants, but key themes include: The need for more data on, and understanding of, customers’ current emissions and transition plans. This can include looking through complex chains of financial relationships between clients and counterparties to see the underlying emissions. The need to invest in modelling capabilities and doing more to scrutinise data and projections supplied by third-parties. The need for some firms to consider more deeply how they would respond strategically to different scenarios, including thinking through the implications of different paths for climate policy. More generally these results bring home the fact that uncertainty around the impact of climate change – even given a pre-determined scenario – remains extremely high. As you will see if you read the report, the error bands around all these estimates are very wide.
Mugur Isărescu: The history of the Romanian monetary system in a European context Opening speech by Mr Mugur Isărescu, Governor of the National Bank of Romania, on the occasion of the inauguration of the Euro Exhibition at Banca Naţională a României, Bucharest, 10 March 2011. *  *  *  Dear Mr González-Páramo, Your Excellencies, Distinguished guests, It is an honour for us and we are glad to welcome you today, at the opening of an exhibition not only educational and attractive, but also relevant considering Romania’s euro adoption. We do hope the Euro Exhibition that the National Bank of Romania is hosting, on behalf of Romania, will prove successful all the more so as our country is destination No. 10 of the European Central Bank’s travelling exhibition. Let me thank Mr. José Manuel González-Páramo for accepting to jointly launch the Euro Exhibition today in Bucharest where it will be open for about three months, here, in the old financial centre of Bucharest where the Romanian leu was born. The leu-euro relation is thus acquiring a symbolical dimension with a certain meaning in the current European context. The reference to the European context is neither conventional nor formal. It reveals that the Romanian leu is one of the strong historical bonds that put our country on the European map.