green swan 2021 global virtual conference – 2 june 2021 never too much and never too many : how to transform global discussion into global action against climate change speech by francois villeroy de galhau, governor of the banque de france ladies and gentlemen, this “ green swan 2021 global virtual conference ” co - sponsored by the banque de france, the bis, the imf and the ngfs should have taken place in paris, birthplace of the climate agreement and of the ngfs, but it is my pleasure to welcome you online. central banks ’ commitment to the climate cause may seem obvious today. but few issues have seen such a rapid and massive change. my generation changed its mind, i changed my mind. many of us now share the imperative of hans jonas : “ in your present choices, include the future wholeness of man among the objects of your willi ”. in amsterdam three years ago, for the inaugural conference of the ngfs, i referred to greening finance as our “ new frontier for the 21st century ”. today, the challenge could almost look inverted : we have gone from the risk of “ doing too little, too late ” to the criticism by some of “ too many doing too much ”. no : we are not doing too much ( i ), and we are never too many ( ii ). but before starting, i would like to draw two useful and cautious lessons from the above - mentioned criticisms. first, we, central bankers and supervisors, cannot do everything by ourselves ; we are not the only green game in town. nothing will replace an appropriate carbon price. second, we are acting in the very name of our mandate : our consideration for climate change is neither an abuse of our mission, nor a mere militant conviction, and we will act with the same technical credibility and professionalism as we do in our traditional domains. i. not “ too much ” : what it is our duty to do in a somewhat “ proliferating ” environment, let me suggest some clarification, with a two - dimensional quadrant. the vertical axis – the most obvious one – relates to our missions as supervisors and includes both climate - related risks for financial institutions and opportunities – linked to green finance. the horizontal axis relates to our missions as central bankers and includes responsible investment of our nonmonetary portfolio and monetary policy. for many central banks, implementing responsible investment strategies has numerous benefits : central banks can then practice what they preach as supervisors, protect their own balance

radovan jelasic : macroeconomic policy in 2009 speech by mr radovan jelasic, governor of the national bank of serbia, at the second business roundtable with government representatives, organized by the ekonomist media group, belgrade, 27 october 2008. * * * in terms of political turbulences and uncertainties, this year can only be compared with the year 2000. the country was faced with the issue of territorial sovereignty, early parliamentary and local elections, and signing and deferral of ratification of the stabilization and association agreement with the european union. as regards the economy, however, no sooner had inflationary pressures subsided in the wake of a fall in prices of food and petroleum products, when a new, still greater challenge appeared on the scene. an unprecedented crisis broke out in the global financial markets and, whereas its negative consequences were soon felt in serbia as well, its end effects and duration are still impossible to forecast. but let me ask you a question : is anyone in this country aware that, despite all the above external and internal turbulences, inflation in serbia is within single - digit bounds, gdp growth is still robust, the exchange rate had, until recently, been “ firmly ” stable, real wages have been rising at double - digit rates for several years now, credits are available, etc.? or, let me ask another question which is more important both for myself, and, i am firmly convinced, for the future of this country – why do people take these results “ for granted, ” as something which will be sustained of itself, regardless of how we behave? why do they believe that we can keep on disregarding external and internal influences without bearing any consequences? and, especially when we all know that our doings were due to frequent elections. why must “ bad times ” return before people understand that present times were good, only we failed to make the best of them?! macroeconomic stability in serbia will continue to hinge on the following key factors : 1. movements in global money and capital markets leave no room for doubt : the situation is bad, and, for the time being, there is no light at the end of the tunnel. capital markets worldwide are swayed by unprecedented turbulences and money remains expensive despite а ) government interventions worth thousands of billions of euros and b ) policy rate cuts and cash injections by central banks. at the same time, the banking system faces a number of serious challenges, such as : а ) capital