Resolution planning will continue in CMGs to bring refinements in some of the other areas I have described – operational continuity, access to FMIs, funding in resolution and post bail-in restructuring. Over the coming months we will continue implementing these to make resolution work in practice for large, cross-border firms. References Bank of England (2015) ‘The Bank of England’s approach to setting a minimum requirement for own funds and eligible liabilities (MREL)’, Consultation on a proposed Statement of Policy, available at http://www.bankofengland.co.uk/financialstability/Documents/resolution/ mrelconsultation2015.pdf. Financial Stability Board (2014) ‘Key Attributes of Effective Resolution Regimes for Financial Institutions’, available at http://www.fsb.org/wp-content/uploads/r_141015.pdf. Financial Stability Board (2015) ‘Guidance on Arrangements to Support Operational Continuity in Resolution’, Consultative Document, available at http://www.fsb.org/wpcontent/uploads/Guidance-on-Arrangements-to-Support-Operational-Continuity-inResolution.pdf. Financial Stability Board (2015) ‘Guiding principles on the temporary funding needed to support the orderly resolution of a global systemically important bank (“G-SIB”)’, Consultative Document, available at http://www.fsb.org/wp-content/uploads/Funding-in-ResolutionGuiding-Principles-Consultative-Document.pdf. Financial Stability Board (2015) ‘Principles on Loss-absorbing and Recapitalisation Capacity of G-SIBs in Resolution: Total Loss-absorbing Capacity (TLAC) Term Sheet’, available at http://www.fsb.org/wp-content/uploads/TLAC-Principles-and-Term-Sheet-forpublication-final.pdf. International Swaps and Derivatives Association (2015) ‘ISDA 2015 Universal Resolution Stay Protocol’, available at http://assets.isda.org/media/ac6b533f-3/5a7c32f8-pdf/. BIS central bankers’ speeches  7

In addition, I should point out that, like the ECB, we resolutely support the initiative recently launched by the European Securities Markets Authority (ESMA). As the regulator of rating agencies, ESMA is seeking to establish guidelines so that these entities make public the way in which they incorporate sustainability elements into their valuations. To conclude, allow me to reiterate the importance and scale of the challenge we face. It may sound clichéd; but it is nonetheless true that we are not only talking about our well-being, but the well-being of future generations who may be left with little leeway if we are not sufficiently ambitious. The challenge extends to all agents and sectors, and proof of this is the broad and varied representation here in this room today. The financial sector undoubtedly has a notable responsibility in this challenge. In our capacity as financial authorities and under our mandate, we can and must do everything within our power to properly value, manage and mitigate the risks associated with climate change. The challenge is paramount and the need for coordination – with other national and international authorities – enormous. But I believe that, if we have been capable of structuring an appropriate regulatory response to the international financial crisis, we will also be capable of rising to the challenge here. I think that the measures rolled out from Europe will ultimately be an international reference and standard.