Fourth, government authorities may be reluctant to apply stricter requirements to domestic banks, fearing that their competitiveness may weaken. Such a drift in regulation towards a – too low – minimum level is important to avoid. For Norway, it is essential that rules are applied both strictly and equally in the Nordic countries. Allow me to conclude. The world economy is these days in the deepest recession in the post-war period, in spite of the strong use of various measures. Most markets and countries, including Norway, have been hit by the crisis. Norges Bank has set the interest rate at a low level to curb the decline in activity and counteract an excessive fall in inflation. In accordance with its mandate, Norges Bank has given weight to anchoring and strengthening expectations that inflation will be low and stable ahead. This enhances the effectiveness of monetary policy. Thank you for the opportunity to present these opening remarks. BIS Review 60/2009  5  6  BIS Review 60/2009  BIS Review 60/2009  7  8  BIS Review 60/2009  BIS Review 60/2009  9  10  BIS Review 60/2009  BIS Review 60/2009  11  12  BIS Review 60/2009  BIS Review 60/2009  13  14  BIS Review 60/2009  BIS Review 60/2009  15  16  BIS Review 60/2009
This is part of the priorities of the members of the Joint Committee on Climate Change over the next 12 months to pave the way for the adoption of disclosure standards by the industry in the immediate future3. This will not only contribute towards lowering information asymmetry, but will also assist external stakeholders to hold financial institutions to account for their climate risk commitments. Leveraging Malaysia’s value offering – opportunities in sukuk  2/3  BIS central bankers' speeches  The capital market can play a critical role to address the financing gaps not only in green, but social and sustainable sectors. The SRI Roadmap for the Malaysian Capital Market issued in November last year aims to create a facilitative SRI ecosystem and chart the role of the capital market in driving Malaysia’s sustainable development. The sukuk market, which is a high growth segment in Islamic finance, has an important role in supporting the growth of the green technology sector. Malaysia continues to be at the forefront of green sukuk, which is the preferred mode of investment for those that prefer investments with a positive environmental impact. We can certainly tap into the sukuk market to fund activities or technologies that support a low-carbon and climate resilient society. Conclusion I am not asking us to reinvent capitalism at this conference – there is simply not enough time for that if we are to meet our Paris Agreement commitment!