Giannone, D., M. Lenza and L. Reichlin (2007), “The Equilibrium Level of the World Real Interest Rate”, paper presented at the First Annual Risk Management Institute Research  12  BIS Review 9/2008  Conference “Capital Flows and Asset Price: The International Dimension of Risk”, Singapore 6-7 July. Hartmann, P., F. Heider, E. Papaioannou and M. Lo Duca (2007), “The role of financial markets and innovation in productivity and growth in Europe”, ECB Occasional Paper No. 72, September Ihrig, J., S.B. Kamin, D. Lindner and J. Marques (2007), “Some Simple Tests of the Globalization and Inflation Hypothesis”, International Finance Discussion Papers, Board of Governors of the Federal Reserve System, No. 891. Kose, M.A., E. S. Prasad, K. Rogoff and S.-J. Wei (2006), “Financial Globalisation: A Reappraisal”, NBER Working Paper 12484 Kose, M. A., E. S. Prasad and M. E. Terrones (2005), “Growth and Volatility in an Era of Globalisations”, IMF Staff Papers, vol. 52, pp. 31-63 Kose, M. A., E. S. Prasad, and M. E. Terrones (2006), “How Do Trade and Financial Integration Affect The Relationship Between Growth and Volatility?”, Journal of International Economics, vol. 69, pp. 176-202. Kroszner, R. S. (2007), “Globalization and Capital Markets: Implications for Inflation and the Yield Curve”, Remarks at the Center for Financial Stability (CEF), Buenos Aires, Argentina,16 May.
And we will insist that banks' risk  2/3  BIS - Central bankers' speeches  management practices are fully aligned with all our expectations by the end of 2024 at the latest. It is clear that central banks and supervisors are not primarily responsible for addressing the ongoing climate and environmental crises. They are climate and environment policy-takers, whereas governments and legislators – including the European Parliament – are climate and environment policymakers. The European Union and its co-legislators are clearly committed to the Paris Agreement. The EU is taking concrete steps to implement legislation that puts this commitment into practice. Central banks and supervisors cannot ignore this in the pursuit of their mandate. Similarly, on the path to meeting the Paris Agreement goals, we cannot ignore scenarios which include a greater manifestation of physical risks from climate change and environmental degradation. And we will not ignore all this. To the contrary. We acknowledge that we cannot deliver on our mandate if we assume a status quo in which the world will not transition as the baseline scenario for the future. And by rejecting that status quo as the baseline, we are becoming a force that contributes to the transition. And we will continue to be just that: a force that contributes to the transition. Within our mandate. And in the pursuit of our mandate. Thank you very much for your attention. 3/3  BIS - Central bankers' speeches