However, I think it is also fair to recognise the recent climate commitment, signed  on the occasion of the COP25, and the launch of the Centre for Responsible and Sustainable Finance (FinResp by its Spanish abbreviation), which convey the sector’s commitment to this fight. The Paris Agreement of 2015 is considered to be the turning point that highlighted the role that finance can play in the transition process. Over the last five years, so-called ‘green finance’ has become more visible and climbed up the agenda of international financial organisations. On the central banking and banking supervision front, the work by the Network for Greening the Financial Sector (NGFS) is undoubtedly noteworthy. This network was created in late 2017 with the aim of analysing, defining and promoting best practices relating to the management of climate risk in the financial sector. The Banco de España actively participates in the work of the NGFS, whose membership has grown exponentially to now comprise around 72 members and 13 observers. I say ‘around’ because there are so many applications to join that it is easy to lose count. In short, I believe that there is a high degree of consensus among official authorities, society, firms, the banking sector and supervisors and regulators as regards the need for changes to address this unavoidable challenge. The work of the financial sector in this collective challenge is undoubtedly important. Allow me to briefly refer to what we are doing in the Banco de España to foster the financial world's contribution to sustainability.
Peter Pang: Economic and financial outlook for the Asia/Pacific region Welcome remarks by Mr Peter Pang, Deputy Chief Executive of the Hong Kong Monetary Authority, at the Launch of the International Monetary Fund’s Regional Economic Outlook, Hong Kong, 28 April 2014. *  *  *  1. Good afternoon. It is my pleasure to welcome all of you to the launch of the latest issue of the IMF’s Asia and Pacific Regional Economic Outlook. We are honoured to have Mr. Changyong Rhee, Director of the Asia and Pacific Department of the IMF, and his colleagues to share with us today their views on the region’s economic and financial developments, the outlook and the challenges, and what can be done to manage the risks and promote further growth that is sustainable over the years ahead. 2. I totally agree with the theme of this issue of the REO – sustaining Asia’s high growth momentum would require continuing vigilance and reforms. There is little doubt that Asia will continue to grow faster than most other regions in the world. Since the Asian financial crisis, policymakers have implemented many structural reforms making the region more resilient. Asia has also been leading the world recovery after the global financial crisis. Having said that, Asia cannot afford to feel complacent as the road ahead is bumpy. And we will be in unchartered waters when the high tide of global liquidity starts to ebb as the developed economies embark on the normalization of their monetary policies.