which was already well above the 10 - year average2. we are hopefully all concerned about the delays in implementing the paris agreement. the banque de france has conducted simulations on the basis of macro - financial scenarios developed by the ngfs, the network for greening the financial system : a late and disorderly transition would have far more adverse effects, ranging between 10 % and 20 % of world gdp by the end of the century ( compared with up to 7 % of gdp for an orderly transition ). beyond cop26, globally coordinated governmental forward - looking guidance is therefore necessary to anchor concrete and credible commitments, such as the one taken by the european union in its fit for 55 programme. and yes, policies to fight climate change should imperatively include an appropriate carbon price. be assured that central banks will do everything they can do. the ecb monetary policy strategy review, concluded last summer under president lagarde ’ s leadership, sets out an ambitious action plan leading up to 2024. but central banks and, beyond, financial intermediaries cannot substitute for adequate – and sometimes difficult – public policies. the green transition does hold risks – including for inflation –, but it also offers economic and financial opportunities, as new technologies gradually reach scalability. the sooner we start, the more positive ( or the less negative ) the economic balance will be. 2 / let me now turn to the second major transformation underway : the digital transformation. here, europe is still lagging behind the united states and china. it is of the utmost importance to remain at the technological frontier in order to reap the benefits of innovation in terms of productivity and growth, as the winner often takes all. beyond the economic fallouts, it is also a matter of strategic autonomy. these disruptions are also reflected in the monetary, financial and payments spheres – which we scrutinize as central banks and supervisors –, where digitalisation is bringing about a triple revolution – and it is far from over : ( i ) first, the arrival of new players : new actors born from the tech world – fintechs and bigtechs – are challenging historical players with radically new approaches to financial services and at present much less regulation ; ( ii ) second, the emergence of new assets : crypto - assets from the blockchain universe in the form of tokens : they will not be credible as “ crypto - currencies ”, but could be used as settlement means – think of stablecoins for instance

mark carney : polymer banknotes remarks by mr mark carney, governor of the bank of england and chairman of the financial stability board, at the bank of england, london, 18 december 2013. * * * ensuring public trust and confidence in money is at the heart of what central banks do. money can only play its invaluable role in our economy if that trust and confidence is maintained. that motivates the bank of england ’ s core objectives of price stability, so that people can be confident of the value of their money over time, and financial stability so that they will be able to access and use money when they want to. it is also why we place such importance on maintaining confidence in our banknotes, the most tangible form of money. our job is to ensure that the banknotes people use are high quality and genuine. we also recognise that banknotes are an important national symbol and a source of national pride. our banknotes must therefore be secure from counterfeiting, resistant to damage, and designed in a way that inspires broad public support and fosters legitimacy. we are continually working to ensure that our notes meet those requirements. that is why i am pleased to announce today that the next bank of england notes will be printed on polymer, rather than cotton paper. the first polymer note will be the £5 note featuring sir winston churchill, and will be issued in 2016. it will be followed around a year later by a polymer £10 note featuring jane austen. the decision to move to polymer for these notes follows a three - year review and a broad public consultation exercise. our research has shown a compelling case for polymer notes. polymer notes bring three main benefits : • they stay cleaner than paper banknotes because they are resistant to dirt and moisture ; • they are more secure because they incorporate advanced security features that make them difficult to counterfeit ; • and they are more durable, lasting at least 2½ times as long as paper banknotes, ensuring that notes in circulation remain of high quality. because replacements are needed less often they are both cheaper over time, and more environmentally friendly. these advantages mean that a switch to polymer is a natural step in the evolution of banknote design. but you don ’ t have to take our word for it. nearly 13000 people have told us what they thought, in surveys and at over 40 events up and down the uk, and 87 % – the vast majority – were in favour of polymer notes, especially once they had a