2  BIS central bankers’ speeches  The Riksbank’s calculations of potential GDP Resource utilisation can be measured in several different ways. Here, I will demonstrate how we, at the Riksbank, calculate measurements of resource utilisation based on GDP and potential GDP, as well as hours worked and potential hours worked. Potential GDP refers to the level of GDP that is consistent with a use of the available resources that is sustainable in the long term and that does not push up inflation. If GDP exceeds the potential level, then resource utilisation is high – and vice versa. We call the difference between actual and potential GDP the GDP gap.6 When resource utilisation is normal, GDP is equal to potential BNP, and the GDP gap is equal to zero. Consequently, potential GDP does not refer to the highest level GDP may reach over the short term. In Figure 1, the trend development of GDP is represented by a Hodrick-Prescott trend (HP trend). An HP trend is something between a linear trend and the actual development of GDP. The HP trend is a common and often fairly good measure of the underlying long-term development in GDP during normal cyclical fluctuations. But the HP trend is not good at estimating the underlying development of GDP at the end of a time series and it gives no guidance as to why output deviates from its trend level.
22.10.2020  Closing address to the CNMV Conference on Financial Sustainability The CNMV's activity in the area of sustainable finance Margarita Delgado Deputy Governor  Good morning everyone. I would like to thank the National Securities Market Commission (CNMV), and in particular its Vice-Chair, for kindly inviting me to close this conference on sustainability. I regret not being able to attend the presentations over the last two days, but judging by the topics addressed and the quality of the speakers, I am confident that the conference has been a success. I think that it is difficult to find an aim that is more global or shared more widely than the fight against climate change. Although this consensus has gradually developed over time, it is clear that it has quickly grown recently. Traditionally, this challenge has been addressed through fiscal policies. From a theoretical standpoint, and in the opinion of the Banco de España, these policies continue to be the most suitable for resolving the challenge posed by pollution. More recently, a CO2 emissions trading system has been developed in Europe, pursuing the same objectives of internalising environmental costs, which is currently being revised. Nevertheless, this type of conventional measure has been complemented by other developments. The foremost of these are undoubtedly technological changes and the falling cost of renewable energy production, together with the shift in economic agents' and the public’s attitude and awareness as regards sustainability.