/ 9 bis central bankers'speeches frameworks, such as the tcfd recommendations. our consultation will focus on how to transition these expectations into legally binding requirements, against a single, internationally aligned standard. a vibrant green finance ecosystem let me now touch on efforts to develop a vibrant green finance ecosystem that can support asia ’ s transition to a low - carbon future. as a promoter of the financial sector, mas has been working on four areas : shaping the development of green taxonomies ; promoting green finance solutions and markets ; harnessing technology to enable trusted sustainable finance flows ; and building knowledge and capabilities in sustainable finance. mas is actively involved in international forums that are developing green taxonomies. consistent definitions of what constitutes green activities are key to facilitating cross - border capital flows towards sustainable outcomes. mas is a member of the international platform for sustainable finance ( ipsf ) which is developing a common reference point for definitions of green activities across major existing taxonomies. this will help market participants interpret and use the various taxonomies that exist today. mas is working with fellow asean regulators to develop an asean taxonomy aligned with international benchmarks while taking account of the regional context. developing a clear taxonomy for transition activities is especially relevant for asia. asia needs to sustain economic and social development while shifting to a lower carbon future. a taxonomy that includes both green and transition activities can support a progressive shift to greater sustainability. in singapore, the green finance industry task force i mentioned earlier is developing such a taxonomy to guide our financial institutions. it sets out a “ traffic light ” system to classify sustainable activities as green, transition activities as yellow, and highly carbon intensive activities as red. mas has been working with the industry to promote green finance solutions. mas has introduced grant schemes to defray the costs of issuing sustainable bonds and green and sustainability - linked loans that are in line with international standards. funds raised through such bonds and loans will support investments in green projects. we are supporting initiatives to foster efficient markets to trade carbon credits. carbon credits help to channel funds from firms with hard - to - abate emissions to projects that reduce or remove emissions. voluntary carbon credits will be an important complement to decarbonisation efforts, especially in asia where transition issues need to be tackled. mas is supporting industry efforts to build the infrastructure for a liquid and transparent voluntary carbon credit market in asia. dbs bank, sgx, temasek, and standard chartered have announced plans to launch 4 / 9 bis central bankers '

axel a weber : finance after the turmoil – shape of markets and regulation opening statement by professor axel a weber, president of the deutsche bundesbank, for the panel discussion " finance after the turmoil : shape of markets and regulation ", at the 18th frankfurt european banking congress, frankfurt am main, 21 november 2008. * * * introduction mr ackermann, ladies and gentlemen the decision to run this panel under the title “ finance after the turmoil ” proves that the organisers belong to the more optimistic camp. and like most optimists over the past months, they have been proven wrong. of course, for a forward - looking policy process it is essential to learn from current events to build a sustainable future. this work on lessons learnt is ongoing in several international and national fora. the bundesbank is making every effort to play a constructive role in these processes, and, thus, it is a pleasure and an honour to share with you some thoughts on finance after the turmoil, even though times are still turbulent. current challenges are twofold. the first aspect is crisis management and focuses on the resolution of institution - specific problems as regards liquidity and solvency. moreover, it also concerns financial system rescue packages, their implementation, application and international coordination. the second challenge is to use the current window of opportunity to bring about lasting structural changes regarding the regulation of financial markets. the aim of such changes ought to be a financial system that is more resilient to the kind of disruptions that we are currently observing. i would like to share with you some thoughts on crisis management – especially from a german point of view – and on crisis prevention – the latter, of course, in a more international context. crisis management as you all know, it was the insolvency of lehman brothers that led to the dramatic intensification of the financial turmoil. as an aside, there seems to be a broad consensus that allowing this bank to go bankrupt was a mistake in view of the ensuing heavy losses. owing to a rapid rise in counterparty risks following the lehman insolvency, wholesale funding markets almost completely dried up causing a number of financial institutions that relied heavily on wholesale funding to run into serious difficulties. furthermore, financial market participants were forced to fire - sell assets thus amplifying market losses. after taking emergency rescue action for single institutions and in light of escalating worries among depositors, it became apparent that this systemic crisis needed a more systemic response. many countries implemented