“ restoring household financial stability after the great recession : why household balance sheets matter ” research symposium. [ 3 ] stein ( 2014 ), “ comments on market tantrums and monetary policy ”, speech at the 2014 us monetary policy forum, new york. [ 4 ] imf ( 2020 ) “ toward an integrated policy framework ’, and borio, shim, and shin ( 2022 ), “ macro - financial stability frameworks : experience and challenges ”, bis working papers no. 1057 [ 5 ] ca ’ zorzi, dedola, georgiadis, jarocinski, stracca and strasser ( 2020 ), “ monetary policy and its transmission in a globalised world ”, discussion paper no 2407 in the european central bank working paper series. [ 6 ] miranda - agrippino and rey ( 2020 ), “ u. s. monetary policy and the global financial cycle ”, the review of economic studies, volume 87, issue 6. [ 7 ] borio, shim, and shin ( 2022 ), “ macro - financial stability frameworks : experience and challenges ”, bis working papers no. 1057 [ 8 ] adrian, erceg, kolasa, linde, and zabczyk ( 2021 ), “ a quantitative micro - founded model for the integrated policy framework ”, imf working paper wp / 21 / 292. [ 9 ] cecchetti, narita, rawat, and sahay ( 2021 ), “ addressing spillovers from prolonged us monetary policy easing ”, imf working paper wp / 21 / 182 [ 10 ] fratzscher, gloede, menkhoff, sarno and stoehr ( 2018 ), “ when is foreign exchange intervention effective? evidence from 33 countries ”, american economic journal : macroeconomics [ 11 ] imf ( 2015 ) “ monetary policy and financial stability ”. [ 12 ] brunnermeier ( 2023 ), “ rethinking monetary policy in a changing world ”, in imf finance and development, march. [ 13 ] borio and disyatat ( 2021 ), “ integrated policy frameworks : the constraints of policy horizons and adjustment frequencies ”, suerf policy note 246. [ 14 ] shirakawa ( 2023 ), “ time for change ”, in imf finance and development, march.

ravi menon : the work of the ngfs in four emerging issues in climate change opening remarks by mr ravi menon, managing director of the monetary authority of singapore and chairman, network for greening the financial system ( ngfs ), at the ngfs workshop, singapore, 26 april 2023. * * * good morning, ladies and gentlemen. i am delighted to welcome you to the inaugural ngfs workshop in singapore. we held our annual ngfs plenary meeting yesterday. we discussed how the ngfs can continue to push the envelope in greening the financial system : to strengthen the resilience of the financial system to climate and environmental risks and ; to encourage financing flows to support the transition to a net - zero world. the ngfs is well - placed to do this – we are a coalition of 125 central banks and financial regulators from over 90 jurisdictions. our size enables us to make an impact globally and our diversity enables us to harness multiple perspectives. the work we do is not only important but urgent. climate change is already happening – its physical manifestations are becoming increasingly evident – especially here in asia. we are already seeing unprecedented heat waves, floods, and agricultural degradation. one of the key roles of the ngfs is to build capacity and capabilities among central banks and supervisors to deal with the climate challenge. this inaugural ngfs workshop, with more than 150 participants from over 60 institutions, will discuss cuttingedge economic and financial issues related to climate change and nature loss. we will be hearing from leading voices in the field on : macroeconomics of climate change blended finance transition planning nature - related risks let me briefly share what the ngfs is doing in each of these areas, to set the backdrop for today's workshop. macroeconomics of climate change both the physical and transition dimensions of climate change will significantly impact output, inflation, labour markets, and the long - term growth potential of economies. 1 / 5 bis - central bankers'speeches the ngfs is seeking to develop the tools necessary for central banks and regulators to make sense of how climate change will affect the macroeconomy and financial system. this includes work on : identifying relevant climate - related data ; developing analytical frameworks and models ; understanding the implications for monetary policy ; and designing climate scenarios for stress testing. the ngfs has brought together an expert network of statisticians and data scientists on climate - related data. they will help member central banks and supervisors build up capacity on climaterelated data such as adverse