to - do - it manual. to help address that, in march 2019, the pra and fca established and co - chaired the climate financial risk forum ( cfrf ) to work with industry to build expertise and share best practice on managing climate - related financial risks. 15 the forum brings together banks, insurers, asset managers, and other key stakeholders to consider challenges around climate disclosure, scenario analysis, risk management, and innovation in the interest of consumers. pra supervisory statement 3 / 19 – ‘ enhancing banks ’ and insurers ’ approaches to managing the financial risks from climate change ’ dear ceo letter : managing climate - related financial risk climate financial risk forum ( cfrf ) all speeches are available online at www. bankofengland. co. uk / news / speeches i ’ m pleased to say the forum has just this week published a guide by industry for industry, designed to provide practical tools, knowledge and case studies, which all firms can use to help develop their own approaches to managing these challenges. 16 we recognise that embedding climate risk management is a multi - year endeavour and we do not yet have all the answers. but this first guide provides a solid foundation from which to build as industry develops its capabilities. my huge thanks go to the forum members for creating it. climate action at the macro - level : stress testing and scenario analysis while firms tackle these issues bottom - up, the bank, consistent with its objective to safeguard financial stability, will also approach it top - down. at the end of last year, we announced that we will stress test the resilience of the uk ’ s largest banks, insurers and the financial system to different climate pathways. 17 since then, other regulators in france18, australia19, singapore20, and at the ecb21 have also announced their own plans for climate stress tests. recognising that the current circumstances may mean firms are unable meaningfully to engage in this exercise in the immediate period ahead, we have pushed back the launch of the climate stress test until the middle of 2021. this allows us to maintain the ambitious scope of the exercise, and gives firms enough time to engage with their customers and invest sufficiently in their capabilities to deliver to a high standard. we expect firms to make good use of this time. and to support that we will publish after the summer a ‘ roadmap ’ on how we will engage with and support firms in the period up to the launch of the stress test

zdenek tuma : education in the czech republic - the case of the missing generation speech by mr zdenek tuma, governor of the czech national bank, on the occasion of graduation from the emba programme at cmc graduation school of business, prague, 4 december 2004. * * * in recent years i have heard many strong statements about knowledge based economy. today ’ s graduation is obviously an excellent opportunity for yet another speech on this issue but i fear it would be too general and therefore “ empty ”. instead, i would like to contribute with my personal experience and observations. we have almost forgotten that 15 years ago there were not any czechs nor slovaks educated in modern economics or business. economic programs were focused on central planning and marxist theory of socialism before 1990. nobody - with one exception - was allowed to study abroad since the 1960s. when my friend martin kupka returned from geneva in 1989 from his studies, he brought the textbook on macroeconomics by dornbusch and fischer. he told me : “ we should translate it into czech ”. at the same time, another group was working on the translation of “ economics ” by paul samuelson. later on, we translated the textbook on corporate finance by brealey and myers. in other words, we started from scratch. it had two - though interrelated - aspects. first, we had only limited knowledge about what economics and business programs should look like. and second, there were no people with well - founded experience on how to run and lecture these programs. there was a generation problem - one generation was - and still is - missing. where we stand today and how we have coped with those drawbacks? there was no magic solution but i dare say that today we have almost overcome the problem of missing generation in economic education and that we have been closing the gap between us and the developed world fast. i see three important factors which contributed to this development. on the first place i would put the new generation of young and strongly motivated people. they created enormous pressure on those who with their limited know - how - started to prepare new economic courses. this is my second point in this respect that there was a learning - by - doing process of creating new courses, mostly designed along the recent trends in economics and business education. despite the fact we did not have any experience with these courses, we roughly knew which direction to go. last but not least, the czech education system received a