up to 75 % of new or emerging infectious diseases are zoonotic in origin. 9 hence, the covid ‐ 19 ( regardless of its origins, which have not yet been confirmed ) should be considered a clear warning of what could happen if we fail to act on biodiversity loss. 10 it is therefore very promising to see that this conference has organised two panels on the question of biodiversity and the financial system. this is in line with the growing acknowledgment that biodiversity ‐ related risks could also pose a threat to financial stability. the oecd11 and the dutch central bank ( dnb12 ) have already published reports on biodiversity ‐ related financial risks ; the ngfs13 has started to work on this question as well. last january, the one planet summit organised by president macron focused on biodiversity. very soon, the launch of the taskforce on nature ‐ related financial disclosures ( tnfd ) by ngos, industry and several international organisations alongside governments, including the french one, will certainly further contribute to mainstreaming the issue of biodiversity ‐ related financial risks. however, central banks do not have a silver bullet to resolve questions such as climate change or biodiversity loss ; for example they cannot decide about possible carbon pricing or carbon adjustment taxes, they are unable to provide all the necessary incentives to foster innovation or to boost research. as francois villeroy de galhau stated yesterday, their action cannot be a substitute for policy measures taken by governments but they can contribute to identifying risks, channelling capital toward activities see : https : / / www. euro. who. int / en / health ‐ topics / health ‐ policy / european ‐ programme ‐ of ‐ work / pan ‐ european ‐ commission ‐ on ‐ health ‐ and ‐ sustainable ‐ development see salyer et al. ( 2017 ). prioritizing zoonoses for global health capacity building — themes from one health zoonotic disease workshops in 7 countries, 2014 – 2016. emerg infect dis. 2017 dec ; 23 ( suppl 1 ) : s55 – s64. doi : 10. 3201 / eid2313. 170418 see for example bolton et al. ( 2020 ). penser la stabilite financiere a l'ere des risques ecologiques globaux – vers de nouveaux arbitrages entre efficience et resilience des systemes complexes. revue d ’ economie fin

svein gjedrem : the macroprudential approach to financial stability keynote address by mr svein gjedrem, governor of norges bank ( central bank of norway ), at the conference entitled “ monetary policy and financial stability ”, hosted by the oesterreichische nationalbank ( austrian national bank ), vienna, 12 may 2005. please note that the text below may differ slightly from the actual presentation. the charts in pdf - format can be found on the norges bank ’ s website. * * * introduction first of all i would like to thank the organisers for inviting me to this conference. it ’ s a great pleasure to be given the opportunity to share with you some views on financial stability issues. financial stability has become an increasingly important objective in economic policymaking during recent decades. in the 1980s, direct regulation of credit markets and capital flows was dismantled in many countries. this has prepared the ground for an expansion of the financial system at a faster pace than other parts of the economy. in this process, the financial system has gone through important structural changes and become more complex. the instruments have become more intricate, the activities more diversified and the risks more mobile. as a result of increasing cross - industry and cross - border integration, financial systems have also become more interwoven, both nationally and internationally. in parallel with the strong growth of the financial system, we have seen more frequent instances of widespread financial distress. the resulting macroeconomic costs have often been sizeable. financial crises have typically been associated with boom and bust cycles in asset prices and credit. due to sharp growth in house prices and household debt in several countries in recent years, the question of whether monetary policy should be used to mitigate such developments has received increased attention. in the light of these developments, i would like to address four main questions. what do we mean by financial stability, how do we analyse it, how do authorities cooperate in order to support it, and finally, what instruments are available to secure financial stability? what do we mean by financial stability? despite increasing focus during the last decades, uncertainty about how best to define the concept ‘ financial stability ’ remains1. in order for households and enterprises to obtain optimal consumption and investment over time there has to exist a well - functioning financial system that can intermediate between savers and borrowers, carry out payments and redistribute risk in a satisfactory manner. this promotes an efficient allocation of real economic resources across different