Michael C Bonello: The adoption of the euro by new member states challenges and vulnerabilities Speech by Mr Michael C Bonello, Governor of the Central Bank of Malta, at the SUERF Seminar organised by the Central Bank of Malta, Valletta, 4 May 2006. The references for the speech can be found on the Central Bank of Malta’s website. *  *  *  Distinguished Guests, Ladies and Gentlemen I would first like to welcome you all to this seminar which has been jointly organised by the European Money and Finance Forum (SUERF) and the Central Bank of Malta. A special greeting goes to our foreign participants and guests, including some fifty members of SUERF from twenty-three countries. The topic chosen for the seminar is particularly appropriate at a time when the ten NMS have just entered their third year of EU membership and are increasingly focusing their attention on monetary union. In these introductory comments I shall, therefore, attempt to highlight some key issues which must be dealt with on the path towards the adoption of the euro. As our policy makers have become acutely aware during the past two years, this path is characterised by manifold challenges and vulnerabilities, not least those associated with real convergence, fiscal consolidation and capital account volatility.
A Transition in Thinking and Action  Remarks given by Mark Carney, Governor of the Bank of England  International Climate Risk Conference for Supervisors, De Nederlandsche Bank, Amsterdam 6 April 2018  I am grateful to Alice Carr, Edd Denbee, Tanveer Hussain, Carsten Jung, Krish Kistnassamy, Alex Michie, Alex Ntelekos, Dimitris Papachristou and Matt Scott for their assistance in preparing these remarks. 1  All speeches are available online at www.bankofengland.co.uk/speeches  It is a great pleasure to be here in Amsterdam, at the International Climate Risk Conference for Supervisors, jointly organised by the De Nederlandsche Bank, the Banque de France and the Bank of England. In my remarks, I will take stock of the progress made in addressing climate-related financial risks since the Paris Agreement of late 2015. In particular, I will consider how far there has been a transition in thinking and action. As we’ve heard today, the thinking has coalesced around three channels through which climate risk affects financial stability: -  the physical risks that arise from the increased frequency and severity of climate- and weatherrelated events that damage property and disrupt trade;  -  the liability risks stemming from parties who have suffered loss from the effects of climate change seeking compensation from those they hold responsible; and  -  the transition risks that can arise through a sudden and disorderly adjustment to a low carbon economy. The last risk is the most challenging.