13  Unlike methods based on the exclusion of individual items, the PCCI is constructed by filtering out the transient component of inflation using econometric techniques in order to retain the persistent component(s) that is(are) common to all items. 14 The PCCI is calculated using the monthly changes in each item. 16  Page 17 of 19  The inflation expectations of euro area households rose at the start of 2022; they have since stabilised but have not fallen to any significant extent: in December, the median three-year ahead expectation was 3% according to the ECB’s CES 15 survey. The survey also shows that households’ responses on future price changes continue to be more widely dispersed. Regarding businesses’ inflation expectations, the Banque de France – after Banca d’Italia – is a pioneer in this field, having launched its own dedicated survey two years ago. As in the case of households, this survey shows a rise in the median three to five-year ahead expectation, which reached 3% by mid-2022 and has merely stabilised since then. 15  Consumer Expectations Survey. 17  Page 18 of 19  We have thus avoided a significant “unanchoring” of households’ and businesses’ medium-term expectations; but we still need to ensure they become lastingly “reanchored” towards the 2% target. Conclusion Today I have given no dates or figures: doing so would be meaningless and would equate to coming back to unconditional and excessively binding guidance.
Remarks on the launch of the Recommendations of the Task Force on Climate-related Financial Disclosures Mark Carney Chair of the Financial Stability Board Governor of the Bank of England  Delivered at the Tate Modern 14 December 2016  1  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  Welcome  It is my great pleasure to have been invited, in my capacity as Chair of the Financial Stability Board (FSB), to help launch the Task Force on Climate-related Financial Disclosures consultative report. 1  In late 2015, at the request of the G20 , the FSB established this private-sector, industry-led Task Force, under the leadership of Michael Bloomberg. Its mandate was to develop recommendations for voluntary, consistent, comparable, clear and reliable disclosures around climate-related financial risks for companies. The purpose was to provide the information that investors, lenders, insurers and other stakeholders need to manage these risks, and seize the associated opportunities. As those of you who’ve had an opportunity to read their report will have seen, the Task Force has achieved a great deal during the year. So on behalf of shareholders, creditors and citizens, I thank all of the Task Force members for their tremendous efforts, and your companies for making you available for this important work. If you want a job done well, give it to busy people. Public authorities – like the G20 and the FSB – could identify the problem, but we needed the private-sector to provide the solution. This is a solution for the market, by the market.