rodrigo vergara : the monetary policy report and the financial stability report presentation by mr rodrigo vergara, governor of the central bank of chile, before the finance commission of the honorable senate of the republic, santiago de chile, 20 december 2011. the monetary policy report of december 2011 and the financial stability report of the second half of 2011 can be found at http : / / www. bcentral. cl / eng / index. asp. * * * introduction mr. president of the finance commission of the senate, senator eduardo frei, senator members of this commission, ladies, gentlemen : this is my first time presenting as the governor of the central bank of chile before the senate ’ s finance commission. i thank you this invitation to share with you the vision of the central bank board on recent macroeconomic and financial developments, its prospects and implications for monetary and financial policy. this vision is contained with detail in the latest monetary policy report ( december 2011 ) and financial stability report ( second half 2011 ), which we today make available for this commission and the country at large. the chilean economy is evolving soundly. during the past few quarters it has been able to sustain vigorous growth in output and employment. inflation is currently within the tolerance range and medium - term expectations are aligned with the midpoint of said range. public finances are solvent. the private sector shows healthy conditions. the financial system shows strong indicators, the corporate sector is on a good standing and the households ’ debt has – on average – evolved in line with income. in recent years, our exports have benefited from growth in emerging asia and our terms of trade, despite a recent drop, are still high by historic standards. the terms of our access to international credit are still privileged. and we have the resources we need to deal with potential emergencies. our macroeconomic policy framework, which comprises a monetary policy governed by an inflation target, a floating exchange rate and the fiscal rule, has been determinant in this result, as has been the regulation and supervision framework of our financial system. despite this favorable internal scenario, the evolution of the developed world ’ s economic outlook has made us again uncertain about how the global economic situation will unfold and how it will affect our country. the lateness and lack of resolution of fiscal and financial problems in the eurozone have constrained global financial conditions, deteriorated the growth prospects of the world in general and our trading partners in particular, and reduced our terms of trade. all these factors combined

olli rehn : building an enabling environment for circular businesses speech by mr olli rehn, governor of the bank of finland, at the world circular economy forum, helsinki, 3 june 2019. * * * ladies and gentlemen, dear friends, many thanks to sitra for the invitation to the world circular economy forum. while this is the third such event, the things we talk about here are actually not that new. but what is new is that the talks have started to materialise in actions taken by companies. and not only by individual companies, but they are becoming increasingly mainstream. that ’ s the good news. historically economic growth has gone hand in hand with emissions growth and resource usage. the problem is that in order for our planet to survive, we need to separate economic growth from greenhouse gas emissions growth. another piece of good news is that this is not impossible, as the case of reduced emissions from production in the nordic countries proves. but it is not easy either. especially in the developing countries economic growth is badly needed to reduce poverty. last autumn the ipcc released a new report detailing why we should target a 1. 5 degrees increase in temperature, instead of the paris target of 2 degrees. it is no simple feat, as our current path would lead to an increase of more than 3 degrees. and we have only about a decade to take the right bold actions to meet the 1. 5 degree target. there is no single tool that would enable mitigation and adaptation to climate change. the european commission is currently creating legislation to increase funding for the green economy. this supplements the eu emissions trading scheme and the eu co2 - emission targets. this is also good news, but not enough. what we need is action at the global level. in an ideal world, a unified global carbon tax would be the first - best solution, as it would make companies internalize the externalities of emissions. while economists have advocated such a carbon tax, in the real world where we live in, this is being challenged by issues in measuring emissions and by the realpolitik. taxation can be used to create the right incentives even without a unified global carbon tax. sitra has recently published a report detailing how an environmental tax reform could reduce emissions, while creating many benefits for the economy. the new government programme of finland, released today, is based on these principles. globally several ministries of finance have joined their forces in the coalition of finance ministers for climate action to consider issues such