soundness, therefore, the absolutely crucial thing is to avoid a housing boom and bust cycle. to ensure this, policy initiatives are naturally required from the micro angle targeting the supply and demand of housing and the tax regime. an even more important task, however, is to carry out macro economic policies that keep the overall economy on a stable course. what is more, given that financial innovation can amplify financial unrest, central banks and financial supervisory authorities should redouble their efforts to construct effective systems for monitoring and supervision of financial derivatives. closing remarks ladies and gentlemen, i expect this seminar will be a forum for a policy debate, involving in - depth and constructive discussions about household debt issues. in closing i should once more like to voice my deep thanks to all of you taking part. although you have a crowded and hectic schedule, i hope you will be able to spare some time to gain a taste for korean culture and the beauty of spring here. thank you.

be used in this market. germany ’ s largest promotional bank, kfw, is the country ’ s number one issuer of green bonds with an issuance volume of € 28 billion. on a side note : green promissory notes, also known as “ schuldschein ”, are quite a niche product due to their characteristics, but might be an alternative worth considering for 1 / 3 bis central bankers'speeches communities and bigger cities. this clearly underpins germany ’ s goal of becoming one of the global leaders in sustainable finance. at the eu level, market participants expect the european union to become the largest esg issuer in the world. in the context of the joint borrowing programme known as “ next generation eu ”, the eu could issue more than € 250 billion in green bonds. this will support a sustainable economic recovery from the covid - 19 impact in all eu countries. in terms of social bonds, the eu sure programme to mitigate unemployment risks in an emergency is another driver. the eu plans to raise up to € 100 billion by 2021 in social bonds. the first social bonds issued by the eu in october and november with a total volume of € 31 billion were heavily oversubscribed. asian investors were reportedly among the buyers. overall, germany and the eu have set landmarks recently for sustainable finance. 3 factors that will make sustainable finance a more mature market segment let me now briefly touch upon factors that will make sustainable finance a more mature market. here, transparency and disclosure really matter. take climate change, for example : this poses a material financial risk to companies and banks. to manage this risk and harness opportunities, the right information must be identified and disclosed. when it comes to quantifying financial risk, rating agencies have traditionally played a crucial role – and it should be no different for climate - related financial risk. sustainability ratings will help to reduce information asymmetries between issuers and potential investors. since climate risk is financial risk, it has to be part of all credit ratings. the major rating agencies have started to include sustainability aspects, including climate change risk into their credit assessments. going forward, we rather need to develop commonly recognised methodologies to assess climate change risk. this includes standardised data, definitions, and weighting of risk factors. central banks also need to tackle climate - related challenges in their own areas of responsibility. they have to consider these risks not just in the fields of supervision and financial stability, but also when implementing monetary