speech from green neglect to green dominance? intervention by isabel schnabel, member of the executive board of the ecb, at the “ greening monetary policy – central banking and climate change ” online seminar, organised as part of the “ cleveland fed conversations on central banking ”, 3 march 2021 frankfurt am main, 3 march 2021 climate change is one of the biggest challenges that humankind is facing. [ 1 ] it exposes our society and economy to substantial risks – both physical risks resulting from the greater incidence of climate - related disasters, and transition risks arising from policy responses – that could potentially impair the balance sheets of households, firms, financial institutions and central banks. there can be no doubt that climate change also poses risks for price stability, for example by hampering monetary transmission due to stranded assets, by affecting potential growth and the natural real interest rate, or by causing greater macroeconomic volatility. it is becoming increasingly clear that these risks will not materialise in the distant future but much faster than expected. the tragedy of an alleged long horizon [ 2 ] is increasingly turning into a tragedy of having too little time to act. the urgency of this topic, mainly due to the partial irreversibility of climate change and the significant costs of delaying action [ 3 ], requires all policymakers to explore their roles in tackling this challenge. this has been fully recognised by european policymakers who have made the european green deal a top priority. central banks are also reflecting on their role in environmental protection. [ 4 ] the european central bank ( ecb ) has made this issue an important component of its ongoing monetary policy strategy review, which will be finalised in the second half of this year. today ’ s remarks will not pre - empt the outcome of those discussions. the obligation to act while it is widely acknowledged that governments and regulators bear the primary responsibility for designing and implementing environmental policies, there is by now a widely shared understanding that central banks cannot stand on the sidelines. [ 5 ] my fellow ecb executive board member frank elderson recently argued convincingly that the ecb is not only allowed, but required, by the treaties to take climate change into account in its actions. this is true under the primary mandate if central bank actions are necessary in order to maintain price stability. emerging evidence suggests that climate change is poised to affect price stability and the transmission of monetary policy to the real economy, especially – but not only – in a disorderly transition scenario

anselmo l s teng : anti - money laundering in financial supervision opening speech by mr anselmo l s teng, chairman of the monetary authority of macao, at the financial sector aml / cft seminar, macao, 19 july 2007. * * * dear delegates, ladies and gentlemen, today, we are holding a macao financial sector aml / cft seminar which carries the main theme “ aml in financial supervision ”. on behalf of the monetary authority of macao, i wish to extend my heartfelt welcome to all guest speakers, particularly, acting assistant commissioner of insurance ms. carol hui, superintendent mr. ma ping - yiu of hong kong police, nacrotics bureau, senior manager of securities and futures commission of hong kong, ms linda yiu. at the same time, i sincerely welcome our honoured guests, particularly mr. ip who represents the president of macao association of banks, mr. si chairman of macao insurers ’ association, mr. lam the vice - chairman of macao money changers association, mr. tou chairman of macau insurance agents and brokers association, mr. ip chairman of federation of macau professional insurance intermediaries, mr. ng chairman of association of macau financial employees, and representatives from financial sector and colleagues from related agencies of the sar government! in tandem with global economic and social development and the increasing openness and communication between countries and territories, money laundering has become an important channel for income reaped by perpetrators of crimes involving drug trafficking, smuggling, graft and fraud. on the other hand, the burgeoning terrorism is posing serious threat to peace, security and social order. at the moment, money laundering and financing terrorism activities have become a pandemic which threatens the integrity of the civilized world. how efficiently and effectively can we proceed with our aml / cft work? it has become a deciding factor universally when comes to securing the steady development of our community and global economy. as we are all aware, macao is a highly open economic system in asia - pacific. the rapid growth in overall economy and financial industry has accelerated its linkage with other economic and financial systems in a more extensive and intimate manner. such stimulation prompted further local economic growth but at the same time increase our exposure to more risks arising from new money laundering and financing of terrorism activities. in the face of the threats, the sar government relentlessly adopts preventive and punitive measures to