The same may be said about the Task Force on Climate-related Financial Disclosures, (TCFD). This Task Force, formed by 31 members entirely from the industry, was created in December 2015 at the request of the FSB to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers and other stakeholders. These disclosure standards are increasingly used by companies around the world. The emergence of the so-called “green bonds” is another case in point. These bonds were not created in response to any official initiative; indeedthe market is based entirely on private standards, such as the Green Bond Principles (GBP) issued by the ICMA in 2014. Obviously, the green bond market has grown following the demand from private investors willing to “put their money where their mouth is”. In this regard investors, corporates and clients demand information on the impact of business activities on the environment. This is why it is so important that we have in the EU finally agreed on this common taxonomy which, hopefully, after being endorsed by the European Parliament, should allow for a more comprehensive assessment of risks and enhanced transparency. In sum, the fight against climate change is clearly not solely a publicly driven initiative. It is no longer the official sector preaching to the rest of the society but rather a joint effort by all stakeholders: Governments, Central Banks, Supervisors and Official Institutions, along with Corporates, Financial Institutions and, ultimately, all individuals.

The central banks draft, implement, monitor and assess their monetary, micro and macro-prudential policies against the backdrop of a highly integrated and interdependent global economy. On the one hand, integration bolsters economic growth, enabling a more efficient distribution of labour and capital, thus facilitating the transfer of knowledge and of technology, and promotes the adoption of best practices in economic and financial management. On the other hand, experience has shown that globalisation may spill over and amplify negative shocks among the countries, hence creating risks to financial stability, which interfere with central bank mandates. The experience of Albania during the transition period and onward perfectly illustrates these aspects. The Albanian economy has benefited from integration with the global economy; but, recently, we have also been under the pressure from consequences that some of our trading partners experienced due to the financial crisis. Therefore, our response functions have become increasingly complex, relating not only to the adjustment of the domestic product, labour and capital markets to external shocks, but also to the performance of international markets. This reality requires us to be heedful of international developments, and seek common solutions for the challenges we are facing. 1/3  BIS central bankers' speeches  The cooperation, coordination of policies and strengthening of effective dialogue between central banks is an indispensable requisite for drawing advantages from the opportunities arising from economic, financial and technological integration, and enhancing the immunity against the relevant challenges. 2.