goals, the monetary policy too should play a key role. towards that end, the monetary policy framework adopted by the central bank has been made consistent with the government ’ s macroeconomic framework. accordingly, the 2007 targets in the monetary programme of the central bank have been set, after taking into consideration the potential growth and liquidity needs of the economy to move along the projected growth path while keeping inflationary pressures in check. your excellency, in november 2006, the government of your excellency announced its medium - term macroeconomic framework within a 10 - year development framework. this programme targets an 8 per cent growth for the next six years and 9 - 10 per cent thereafter. these are tough targets. but these are achievable. when striving towards such goals, we must remember that our development focus should always be clear. we must also remember that our external environment may not always and necessarily be ideal. but we would do well to remember that ours has been and is a resilient economy. we have shown that we can grow even in the face of highly adverse circumstances and scenarios. in that context, we would be wise, if we do not develop our economic plans on the overriding assumption of a totally terrorism free environment. of course, if the peace process is successful and a early political solution is found to the on - going conflict, it would be highly desirable. but at the same time, if we consciously develop our plans and frameworks on less than perfect conditions, we could still find ways and means to succeed and deliver the planned results. we owe that to our people, who cannot and should not have to wait until everything falls in to place. therefore, our future strategies should be aimed at moving ahead even in the face of threats of terrorism and other adversities without setting out as a pre - condition, the achievement of a permanent peace or ideal conditions to embark on our development projects and programmes. we are also working today on the basis that all our strategies would be of no avail, if we are not sufficiently committed to achieving those plans. we know we are serious in our efforts. we also have to show we are serious. that is why, at the beginning of 2007, in close consultation with the secretary to the ministry of finance, the monetary board developed a comprehensive monitoring mechanism of key macroeconomic variables in the external, fiscal and monetary sectors. these are based on a financial programming framework to ensure that key macroeconomic targets are met as announced

sabine mauderer : reaching net zero - the risks of idle bystanders keynote speech by dr sabine mauderer, member of the executive board of the deutsche bundesbank, at the net zero delivery summit, london, 4 june 2024. * * * check against delivery 1. introduction my lord mayor, ladies and gentlemen, albert einstein observed that the most serious threat to our world comes not from those who do evil, but from those who stand by and watch. sadly, this famous remark applies just as aptly to the topic of climate change. the scientific evidence is clear, with numerous studies already outlining the economic damage that climate change is likely to cause and is already causing. yet, global climate policies that would mitigate these enormous economic threats are not in place. fossil fuel demand is still on the rise1, so are the prices of the shares of the oil industry. so, investments in oil are relatively attractive for investors. at the same time, there is a wide climate financing gap, estimated at almost us $ 7 trillion per year. 2 this discrepancy is easy to explain. it is merely a consequence of ( private ) investors looking for attractive returns and reacting to current price signals. so, for many market participants, the risk - return profile of investments in oil and gas still seems to be very attractive. however, it seems to be important that markets price in medium and longterm financial and economic risks. my job as a central banker is to worry exactly about both these categories of risks, financial and economic. think about risks stemming from extreme weather events such as droughts, floods and wildfires. these are already putting substantial pressure on our economies, including on inflation. according to the latest study, as a result of future warming, annual food inflation is expected to increase significantly, by between 1 and 3 %, at a global level, by 2035. 3 i am speaking to you today as the chair of the network for greening the financial system ( ngfs ), a network of more than 130 central banks and supervisors worldwide. our goal is to analyse climate and nature related risks and address them accordingly. today, i will outline some of the work we are doing. 2 main part 2. 1 climate scenarios central bankers, supervisors and investors have at least one thing in common : they base their actions on data and models. one should not react to what one does not understand. yet, climate change calls for new kinds of data