There is a collective public policy interest in getting them right. References Alvaredo, F., Atkinson, A.B., Saez, E. and Piketty, T., “The world top incomes database”. Bank of England (2012), “The Distributional Effects of Asset Purchases”, July. Available at: http://www.bankofengland.co.uk/publications/Documents/news/2012/nr073.pdf. Bowles, S (2012), “The New Economics of Inequality and Redistribution”, Cambridge University Press. Cribb, J., Hood, A., Joyce, R. and Phillips, D. (2013), “Living standards, poverty and inequality in the UK: 2013”, IFS Report R81. Davies, R., Haldane, A., Nielsen, M. and Pezzini, S. (2014), “Measuring the costs of shorttermism”, Journal of Financial Stability, 12 (2014) 16–25. Economic Policy Institute (2012), “The State of Working America, 12th Edition”, Cornell University Press, November. Haldane, A. G. (2010), “Patience and Finance”, speech delivered at the Oxford China Business Forum, Beijing. Available at: http://www.bankofengland.co.uk/archive/Documents/historicpubs/speeches/2010/speech445.pdf. BIS central bankers’ speeches  5  Haldane, A. G. and Davies, R. (2011), “The short long”, speech to 29th Société Universitaire Européenne de Recherches Financières Colloquium: New Paradigms in Money and Finance?, May. Available at: http://www.bankofengland.co.uk/publications/Documents/speeches/2011/speech495.pdf. Haldane, A. G. (2012), “A leaf being turned”, speech to Occupy Economics, “Socially useful banking”, October. Available at: http://www.bankofengland.co.uk/publications/Documents/ speeches/2012/speech616.pdf. Haldane, A. G. (2014), “Ambidexterity”, speech delivered at the American Economic Association Annual Meeting, Philadelphia on 3 January 2014. Available at: http://www.bankofengland.co.uk/publications/Documents/speeches/2014/speech713.pdf. Honohan, P. (2005), “Banking sector crises and inequality”, World Bank Policy Research Working Paper 3659, July. Kay, J. (2012), “The Kay Review of UK Equity Markets and Long-Term Decision Making”, Department for Investment, Business and Skills, July.

12.03.2019  Roundtable: “Sustainable Finance as the driving force of the ecological transition” Banco de España Margarita Delgado Deputy Governor  It is a pleasure for me to welcome you to the Banco de España for two reasons. First, because I believe the Bank should be a forum for discussing and bringing closer to society those financial matters that bear on and affect the well-being of all. The second reason has to do with the matter I shall broach today, which I consider to be particularly important and which is none other than the role finances can and should play in relation to combating climate change. As you all know, this is not a new objective. Indeed, at least since the 1992 Río de Janeiro United Nations summit, combating climate change has been a recurrent objective of international institutions. So, what has changed in the wake of the 2015 Paris agreement, and why has climate change also begun to be part of the financial authorities’ agenda? Mark Carney talked about the so-called “tragedy of the horizon”, in the sense that the horizons used in the evaluation of financial risks are shorter than those that should be applied to evaluate climate change. Yet these risks may be said to have moved onto our horizon; both the physical risks owing to the effects of climate change, and above all, the risks of transition towards a sustainable economy. The Paris agreement marked a turning point regarding the feeling of urgency in the fight against climate change.