national university of singapore, the world bank, and google have come on board as partners to the accelerator. international co - operation remains key to growing the asian carbon credits market. the task force for scaling voluntary carbon markets, sponsored by the institute of international finance, has launched a consultation paper outlining 17 very sensible recommendations. singapore is keen to work with like - minded countries and businesses to test - bed the recommendations of the task force … … and to start laying the foundations for a viable carbon credits market in asia. green finance action plan the second way in which singapore seeks to facilitate asia ’ s transition to a sustainable future is through the green finance action plan, which mas launched at the fintech festival last year. the green finance action plan comprises four strategies : strengthen the financial sector ’ s resilience to environmental risks ; develop green financial solutions and markets for a sustainable economy ; build knowledge and capabilities in sustainable finance ; and harness technology to enable trusted and efficient sustainable finance flows. let me briefly outline the progress we have made under the first three strategies and spend a bit more time on the last – on harnessing technology. first, strengthening the financial sector ’ s resilience to environmental risks. later today, mas will issue finalised guidelines for financial institutions to manage their environmental risks. the guidelines are among the first of its kind in the asia - pacific to apply to all financial institutions, across banking, insurance, and asset management. the guidelines are comprehensive, covering environmental risks besides climate change – such as pollution, loss of biodiversity, and changes in land use. mas will assess environmental risk in our supervision of financial institutions and conduct by end - 2022 industry - wide stress tests on the impact of climate risks. second, encouraging the development of green financial products and solutions. mas is : 8 / 10 bis central bankers'speeches providing grants to offset the certification costs of issuing green and sustainability - linked bonds and loans ; promoting insurance solutions for climate risks ; attracting green funds and asset managers with a sustainability focus ; and anchoring providers of sustainability rating and verification services. third, building knowledge and capabilities in sustainable finance. we are working to anchor in singapore centres of excellence to undertake asia - centric research on green finance and build a talent pipeline. in october, we announced the launch of the first research and talent development institute focused on green finance – the singapore green finance centre – a collaboration between singapore management university and imperial college business school. green fintech finally, let me focus on the role of

monetary policy. because of course the fed has done many things, but in terms of the nature of what the ecb has done, it ’ s been quite aggressive in dealing with below - target inflation. so as for symmetry, i think symmetry is there. now there are other elements as to how do you reinforce the inflation target, especially when you ’ ve spent a long time away from it. the fed had a review and there have been many, many studies looking at the pros and cons of make - up strategies of different types. and of course we would have a lot of people looking at these as well. let ’ s see what comes out of the fed review – it doesn ’ t hurt us that the fed is ahead of us, because we can learn a lot from what they conclude. but of course i think we have to have an open mind. in the end i would share the same general view, which is central banking by and large has a common technology, it ’ s a common set of challenges and my bet is central bank strategies will be broadly similar around the world. of course we do have to recognise the united states is much more of a market - based financial system. in europe banks play a bigger role and, at the level of detail, that matters. in the grand scheme of things we had this tremendous convergence in central banking towards inflation targeting – officially / unofficially, flexible / less flexible, so by and large central banks work in very similar ways and i ’ m pretty sure that ’ s going to continue. but you ’ re also, powell has said this, central bankers are feeling they ’ re reaching the limits of what they can do to support their economies solely with the monetary policy levers. you ’ re not getting the response you ’ d like from fiscal authorities. what would you advise? i mean, in europe that governments explore finding ways to provide more fiscal support where for more outright spending there seems not to be the willingness? in 6 / 11 bis central bankers'speeches ireland you ’ ve got a tax regime that i think somebody has called “ ireland ’ s gold ”, or “ ireland ’ s oil ” and that ’ s a unique opportunity there. so let me aggregate to the euro area. so it ’ s very important to understand the history of the last 10 years. if you compare what happened in the united states and what happened in the euro area – given the nature of the national problems in europe, with fiscal unsus