yannis stournaras : global financial and economic crisis – challenges and prospects speech by mr yannis stournaras, governor of the bank of greece, at the 2014 multinational finance society winter conference “ global financial and economic crisis : challenges and prospects ”, co - organized by the centre of planning and economic research and the multinational finance society, athens, 14 december 2014. * * * ladies and gentlemen, it is a pleasure to address such a distinguished audience, on a topic that unfortunately is not yet history. governments and central banks certainly managed to safeguard financial stability in turbulent times. however, certain repercussions of the crisis have not yet been fully dealt with and some vulnerabilities may reappear. in this sense, looking back with a critical view may help us understand the factors that put at risk the global economic recovery. the global financial and economic crisis that was triggered by a distortion in the u. s. subprime mortgage market, highlighted serious weaknesses in the financial regulatory frameworks of the globalized and broadly interrelated national markets. as a result, the validity of the theory of self - correcting market mechanisms has been strongly contested. global financial crisis • the roots of the global financial crisis can be traced back to both macroeconomic and microeconomic factors. on the macro level, global imbalances for over a decade before the crisis resulted in ample liquidity in world financial markets and in low interest rates, facilitating high levels of leverage, excessive dependence on unsustainable short - term financing and weak risk management. • at the same time, on the micro level, financial innovation and the investors ’ “ search for yield ” led to the creation of complex financial instruments with an obscure credit risk distribution. the originate - to - distribute model, according to which loans are traded between investors, became widespread practice. this led, in effect, to a loosening of lending criteria and facilitated the creation of the aforementioned complex credit instruments. • over time, excessive credit risk and liquidity accumulated in the so - called “ investment vehicles. ” the placement of credit institutions in such vehicles was not recorded on their balance sheets, and as a result, the associated risks slipped through the cracks of internal control mechanisms. moreover, the opacity and the uncertain dispersion of risks of these instruments were further exacerbated by the rapid growth of the derivatives market, in particular of derivatives traded outside regulated markets ( “ over the counter ” ). • as

yi gang : proactively implementing the philosophy of green development to peak carbon emissions before 2030 and achieve carbon neutrality before 2060 keynote speech by mr yi gang, governor of the people's bank of china, at the 14th lujiazui forum " global financial opening - up and cooperation : new drivers for economic recovery ", shanghai, 8 june 2023. * * * distinguished party secretary chen jining, mayor gong zheng, president dilma rousseff, and dear guests, good morning! it is a great pleasure to join you at the lujiazui forum again. first of all, on behalf of the people's bank of china ( pboc ), i would like to extend my congratulations on the great achievements in developing shanghai into an international financial center and the successful convening of this forum! this year's forum is themed on " global financial opening - up and cooperation : new drivers for economic recovery ". green development is an important new driver for economic recovery. i would like to take this opportunity to share my understanding of xi jinping's thought on ecological conservation, and china's efforts in promoting the development of green finance and the international cooperation in this regard. first, we should study and implement xi jinping's thought on ecological conservation in an earnest and profound manner, and make utmost efforts to peak carbon emissions before 2030 and achieve carbon neutrality before 2060 ( the " 30 - 60 " decarbonization goal ). in september 2020, president xi jinping announced at the united nations general assembly that china would strive to peak carbon emissions before 2030 and achieve carbon neutrality before 2060. since then, the central government has made a series of major arrangements to achieve the " 30 - 60 " decarbonization goal. to achieve this goal, china must achieve the most remarkable reduction in carbon intensity and realize the transition from carbon peaking to carbon neutrality within the shortest time in history around the world. this is a wide - ranging and deep - going social and economic change, which means china must undergo profound changes in all aspects such as industrial structure, energy structure, production mode, and way of life. among these factors, green finance will play an important role in the smooth realization of the goal. second, the key to achieving the " 30 - 60 " decarbonization goal lies in addressing the negative externalities of carbon emissions and cutting the green premium. 1 / 5 bis - central bankers'speeches to