Transition risks – which stem from the adjustment to a low-carbon economy – are longer term and therefore less visible. To better assess these risks, we need to both measure exposures and perform forward-looking stress tests. We also need to develop the considerable opportunities associated with the financing of the transition to a low-carbon economy [Slide 5] – this involves finding close to USD 90 trillion by 2030 – while preventing the risk of greenwashing. A major work programme for the Central Banks and Supervisors Network for Greening the Financial System (NGFS), which was launched by the Banque de France in December 2017 and now counts close to 40 members and entities 3/4  BIS central bankers' speeches  about to join. Conclusion To conclude and summarise my speech, the diversification of sources of financing holds the promise of improving the financial system’s ability to support innovation and sustainable economic growth, as long as this diversification is encouraged and its risks are well managed. Given this promise, the slow pace of change, the modest progress towards a capital markets union, the complexity of the challenges of digitalisation and green finance should encourage us to continue to act with determination, patience and perseverance. On the way, we can seek support and comfort in this quote by the former President of the Czech Republic, Vaclav Havel: “Hope is not the conviction that something will turn out well, but the certainty that something makes sense, regardless of how it turns out". Thank you for your attention.
1 Source: Dealogic 2 Source: Société Générale 3 Source: Baromètre du crowdfunding en France 2018, Financement Participatif France and KPMG 4 Source: Autorité des marchés financiers 5 Current account surplus over the 12-month period ending in January 2019 (source: ECB)  4/4  BIS central bankers' speeches