The transition to a netzero economy can only be achieved with a committed and concerted effort across the public and private sector. I wish all of you a fruitful discussion ahead. 3/3  BIS central bankers' speeches
The uncertainty about how markets respond in conditions of acute stress - uncertainty in terms of how correlations behave, how much liquidity will be available, the risk profile of counterparties, etc., combined with the inherent uncertainty about the probability of a seemingly remote event, and the scale of losses associated with such an event, all argue for a more prudent cushion against risk than would be necessary in a less complex and more certain state of the world. Third, our approach to financial stability relies a lot on market discipline and, as a result, depends significantly on the quality of accounting and public disclosure. We see some progress in the extent to which firms provide a clear picture of their underlying risk profiles, but there is room for improvement. Accounting standards have notably struggled with the challenges of incorporating innovations in financial instruments, especially when those instruments are used to offset the risks inherent in more traditional activities whose fluctuations in value have not typically been recorded in earnings or in balance sheet valuations. It is hard to see how we can be comfortable that we have achieved a reasonable resting place on these issues. In the long run, it is critical for the cause of market discipline that accounting and disclosure of financial instruments be consistent with the ongoing direction of innovation in risk management. And finally, the broad changes in market structure place a much higher premium on cooperation among supervisors, market regulators, and central banks, both nationally and internationally.