sturzenegger, ‘ does it matter how central banks accumulate reserves? evidence from sovereign spreads ’, nber working paper no. 28973, june 2021. available at : https : / / www. nber. org / papers / w28973 agustin samano ‘ international reserves and central bank independence ’, policy research working paper no. 9832, 2021. available at : https : / / openknowledge. worldbank. org / handle / 10986 / 36483 olivier jeanne and damiano sandri, ‘ global financial cycle and liquidity management ’, bis working papers no. 1069, january 2023. available at : https : / / www. bis. org / publ / work1069. pdf in addition to these tools, we should consider our macro policy narratives. for a start, we need to rediscover the dangers of government borrowing. responsible policymakers never forget that fiscal debt is risky. but the nature of policy discussions is that while many claims are valid, some points get more emphasis than others. in the past decade, one such point was that fiscal consolidation hurts growth and is therefore self - defeating. another was that higher government debt levels were safer than previously thought. i have personally observed these claims justify sustained fiscal slippage in south africa. if we had felt the urgency of debt sustainability more keenly, we would have had a wiser conversation. we need a more responsible set of narratives around fiscal risks. 35 we also need to think more clearly about allocative efficiency. one of the strongest lessons i have learnt as a policymaker is that poor countries are poor not simply because they do not have money, but because they do not use money effectively. too often, there is a tendency to look at a problem, cost out a solution and focus on raising the cash. implementation is just a black box. but good policymaking starts with implementation and the financing need should reflect what can be used efficiently. indeed, one might cast the volatile and often damaging history of capital flows as a conflict between budget constraints and capacity constraints. capital flows provide spending power and can radically shift the budget envelope, but implementation capacity is stickier, and budgets can easily overshoot capacity. this point is relevant, once again, in the global dialogue about climate change justice and the financing that should be directed from rich countries to poor ones. there is a strong focus on costing the climate change impact for poor countries and

to provide significant support to those seeking to disclose and has encouraged steadily increasing uptake. these initial steps greatly helped to define appropriate parameters, drive towards consistency, and give the public sector a running start in developing their own approaches. now it is time to build on that work. it will be useful to establish a globally consistent baseline standard for climate - related disclosures. globally consistent and comparable entity - level disclosures by non - financial companies, banks, insurers, and asset managers are increasingly important to market participants and financial authorities as a means of providing information needed to assess and manage risks. the g20 presidency, in developing its 2021 work program, asked the fsb to encourage more consistency in disclosure practices. as a start, the fsb surveyed what financial authorities across our membership were doing to promote disclosures. almost all our members have 1 / 3 bis central bankers'speeches already set requirements, guidance, or expectations or plan to do so. we found some heterogeneity in the approaches they were taking. some members prefer mandated disclosure while others would make it voluntary. there is also variation in the desired scope of disclosures. however, there is a trend towards an important baseline that focuses on one - way materiality — or the financial risk that climate change could have on a particular entity — based on the tcfd recommendations. the majority of our membership are already using the tcfd recommendations as a baseline for their own requirements or guidance. the international financial reporting standards foundation ( ifrs ), in consultation with other international organizations, will develop a set of standards, starting initially with climate and building upon these tcfd recommendations. as reflected in our december 2020 statement, the fsb supports ifrs's advancement of an international sustainability standards board to take this work quickly forward. 3 this work holds the promise of providing baseline standards that could inform or be built upon by national authorities as they develop their approaches to climate - related financial disclosure or broader sustainability disclosure. the initial focus of the ifrs will be on climate standards, while allowing for interoperability with individual jurisdictions'frameworks, that may go beyond climate - related impacts. consistency in one - way disclosures would provide a needed avenue for accurate and appropriate risk assessment and comparability to assess investment decisions. simultaneously, the ifrs standards are intended to provide flexibility for national authorities to build on the baseline. the " interoperability " feature will allow jurisdictions to address broader or jurisdiction - specific concerns in a