Through a joint effort of institutional stakeholders, we have 2/3  BIS central bankers' speeches  managed to reform the Financial Supervisory Authority and enhance the role of the Deposit Insurance Authority. Together with the Albanian government, we have implemented a comprehensive NPL resolution strategy, which has already brought encouraging results, we have approved a Bank Resolution Law and we have jointly designed a de-euroization strategy, aimed at tackling financial vulnerabilities, improving the transmission mechanism and intensifying the use of the domestic currency. We have also established a new interinstitutional Financial Stability Advisory Group, vested with coordination powers on systemically-important stability–related issues. In order to further develop financial markets, the Albanian authorities have accelerated the development of capital markets, through the establishment of the Albanian Stock Exchange, the licensing and functioning of several investment and asset management funds, the encouragement of the on-going consolidation in the bank and non-bank financial institutions, the tax encouragement of private pension schemes, the on-going efforts to improve the functioning of secondary markets for government papers, etc. However, I am convinced the sharing regional experience would result in an additional impetus to the process. Furthermore, regional solutions can be sought to common problems. This brings me to my last point. Improving regional cooperation Coordination and cooperation cannot run standalone in an ever integrated and intertwined world. The same concept applies to our region, where policy initiatives, aimed at achieving a common objective, should be implemented jointly.

Speeches  Published Date: 31 May 2022  "Gearing Up for Climate Action - The Road Ahead for the NGFS" - Opening Address by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, Chair, Network for Greening the Financial System, at the Green Swan Conference 2022 on 31 May 2022 Distinguished guests, ladies and gentlemen. It is an honour and a pleasure to address the Green Swan Conference again. As chair of the Network for Greening the Financial System (NGFS), I would also like to express my gratitude, on behalf of the NGFS, for the opportunity to co-host this conference with the Bank for International Settlements, the European Central Bank, and the People’s Bank of China. From a climate perspective, 2020 to 2030 is the “critical decade”. While everyone is busy making net zero commitments for 2050, let us not forget that the trajectory towards net zero will be substantially determined by 2030. Looking at where we are in our transition journey, the urgency to act is greater than it has ever been. Global greenhouse gas emissions are continuing to rise. In 2021, fossil fuel use and associated carbon emissions rebounded in tandem with the global economic recovery. The demand for coal has risen, not fallen. Fossil fuels continue to account for more than 80% of global primary energy consumption. Renewable energy generation capacity has grown significantly in recent years, but the current pace is not sufficient to reach net zero by 2050. Global temperatures have already risen by 1.1 degrees Celsius above pre-industrial levels.