The Discussion Paper sets out how we intend to operationalise these principles and incentivise firms to put in place, and abide by, credible plans to reduce emissions over time. Conclusion  As I have outlined, we have come far, but have further to go. When it comes to climate change, we cannot stand still. We need to continue to be bold and learn from our work so far to deepen our understanding and inform future actions. Greater ambition and cooperation is still needed, including wider adoption of best practices. For this reason, as well as evolving our domestic work, we also need to evolve our collective approaches. This year presents central banks, regulators and policymakers with a unique opportunity to do this, and I have been encouraged by the progress we have made in the G7 and G20 in the build up to COP26. Under the UK’s Presidency, the G7 has started meaningful discussions on the role of finance ministries and central banks in the transition to net-zero. Under Italy’s Presidency, the G20, through the Sustainable Finance Working Group and the FSB, is developing climate-focused roadmaps to coordinate and galvanise  11  See MPC Remit statement and letter and FPC Remit letter, March 2021 6  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  6  international work. These fora allow us to share experiences and develop common best practice. Listening and learning how others are thinking about the potential macroeconomic, macroprudential and microprudential implications will be important to that.
Urban Bäckström: Financial cycles Speech by Mr Urban Bäckström, Governor of Sveriges Riksbank, at the Philadelphia Fed Policy Forum on Crises, Contagion and Coordination: Issues for Policymakers in the Global Economy, Philadelphia, 22 November 2002. *  *  *  First I want to express my thanks to the organizers for inviting me to this very interesting conference. Let me especially thank Tony Santomero for everything he has done in his previous capacity in inspiring and assisting us at the Riksbank over the years as an academic adviser. I wish you, Tony, every success as president for the Philadelphia Fed and as an important policy maker here in the U.S. I think one can say that central bankers around the world have never before had such a central and well respected position as they have had during the past decade. Their task seemed to be well defined and the job to deliver price stability has worked rather well. Much of the mystique that typically surrounded central banks has gradually disappeared. Openness and transparency have become the key words of the day. Moreover, research concerning monetary policy has made good progress during the past decade. The world of central banking has indeed undergone positive changes. However, it would be most dangerous for us, central bankers, to just sit down and relax in the belief that all the important problems in the field of monetary policy have been resolved and need no further consideration.