new commission consultative climat et finance durable [ climate and sustainable finance committee ] ) has been monitoring the public commitments of financial institutions to exit carbon - intensive industries. the acpr - amf preliminary joint report published this morning stresses the progress made by the french financial sector, but also the need for harmonisation. 1. 2. the ngfs is keeping its momentum on the international front, it is a source of great pride to see the ngfs, which we initiated almost three years ago in paris – along with seven other founding members – and for which we provide the secretariat, blossoming with more than 70 members, covering the five continents. the ngfs is striving with more than six deliverables produced to date, following - up on the six recommendations we issued in our first comprehensive report ( april 2019 ). let me highlight three of its latest publications in particular, which bring some building blocks to a climate - risk assessment framework : 1 / 3 bis central bankers'speeches - the “ guide for supervisors ”, published last may, sets out recommendations for banking and insurance supervisors ( for example : identifying exposures of supervised entities that are vulnerable to climate - related and environmental risks and assessing the related potential losses ) ; - the “ guide on climate scenario analysis for central banks and supervisors ”, published last june, which aims to provide a common starting point for analysing climate risks to the economy and the financial system. indeed, the acpr pilot exercise builds on these ngfs climate scenarios ; - the ngfs has also started to tackle the link between climate change and monetary policy by publishing “ initial takeaways ” in june 2020. based on a comprehensive review of existing literature and expert analyses, it provides early answers to the following questions : ( i ) how does climate change affect key macroeconomic variables? and ( ii ) what are the effects on the monetary transmission channels and central banks ’ assessment of their policy space? 1. 3. the ecb ’ s strategy review will be the occasion to foster the integration of climaterelated risks into the monetary policy framework these considerations among central bankers also translate into actions. the ecb, under christine lagarde ’ s presidency, decided to integrate in its strategy review how monetary policy can contribute in the fight against climate change. don ’ t listen to those who say that this would be mission creeping, or that it would require a change of our mandate : i refuse this “ call for inaction ”, and climate change will

of shared responsibility within a partnership of european courts. it respects the division of tasks between european and national legislation and can take the views of the european court as the basis for its judgement. conversely, the european court of justice will observe the limits of its jurisdiction and not intervene in the remit of the federal constitutional court. legal and political cooperation between the public administrations of the member states and the institutions of the european union functions when we respect each other and trust that we will act in the interests of our respective mandates and in accordance with the applicable law. this trust forms the basis of cooperation between member states and between member states and the european union and its institutions. it is based on the democratic values we share and which are explicitly laid down in the copenhagen criteria for new member states. we should preserve this trusting relationship – which supports europe as a diverse, complementary whole, founded on the european treaties. bis central bankers ’ speeches