sound and liquid financial assets is largely disconnected from their level of economic growth : rising revenues in the emerging world need to “ find a home ” in sound and liquid financial markets. finally, in any case, the question of sustainability – the resilience of capital flows to the accumulation of imbalances – remains a pressing one. while capital flows tend to move freely across borders, exchange rate regimes remain very diverse in their degrees of flexibility. this leads to asymmetric adjustments depending on the exchange rate regime, not only between currency areas, but also inside the same region, such as in asia. overall, some of the main floating currencies may end up bearing a higher share of the adjustment on their shoulders than they should. maintaining integrated global capital markets in an environment where such differences persist might not be sustainable over the long term. an orderly unwinding of global imbalances might therefore imply greater flexibility from countries with large current account surpluses and fixed exchange rates. i will conclude on a matter of debate for international financial stability for the future. as i have said, financial systems have become more efficient as a result of globalisation and innovation. but have they become more resilient, that is, more capable of absorbing shocks? none of us has the answer to that question now, but it will be interesting for central banks and regulators to monitor financial developments in the coming months, in search of clues. ladies and gentlemen, thank you for your attention.

in the position to adopt resulting guidelines or requirements ( in the eba case ). nevertheless, at a moment where networks or work streams are burgeoning, especially within european institutions, we should be very careful about the good coordination of these different initiatives to avoid redundancy and duplication. it is also important that the nfgs, which remains a club of the willing, ensure some minimal degree of cooperation and harmonization by issuing high - level recommendations. from this point of view, i welcome the six very important recommendation issued in april directed to supervisors, central banks and the financial sector : i ) integrating climate - related risks into financial stability monitoring and supervision ; ii ) integrating sustainability factors into own - portfolio management ; iii ) bridging the data gaps ; iv ) building awareness and intellectual capacity and encouraging technical assistance and knowledge sharing ; achieving robust and intentionally consistent climate and environment related disclosure ; vi ) supporting the development of a taxonomy of economic activities. in the longer - run, when there will be a global convergence about the necessity to issue global standards and regulatory requirements, global standard setter such as the bcbs and fsb would need to take the lead on addressing climate change - related risks. 12 1 main findings : climate change : which risks for banks and insurers? acpr. banquefrance. fr / sites / default / files / medias / documents / as _ cover _ note _ en. pdf analysis and synthesis no. 102 : “ french insurers facing climate change risks ” april 2019 acpr. banquefrance. fr / sites / default / files / medias / documents / as _ 102 _ climate _ change _ insurers _ en. pdf 2 analysis and synthesis no. 101, “ french banking groups facing climate change - related risks ”, april 2019acpr. banque - france. fr / sites / default / files / medias / documents / as _ 101 _ climate _ risk _ banks _ en. pdf 2 / 2 bis central bankers'speeches