“ rethinking financial stability ; evaluating regulatory prime concerns a decade on from the financial crisis ” speech by klaas knot, at the global risk regulation summit, risk minds international amsterdam, 3 december 2018 at the risk minds international conference, 3 december, klaas knot reflects on the developments since the onset of the financial crisis in 2008. the implementation of the financial reform agenda is advancing and the european banking sector is in safer waters. looking forward knot recognizes three elements of focus : completing implementation & evaluating reforms ; improving the business model sustainability and market confidence in european banks ; and being alert to the buildup of leverage outside the banking sector. knot concludes that the financial industry is continuously evolving, and financial regulation will have to follow suit. good morning, and also on behalf of the dutch central bank welcome to amsterdam! december is the time of year to reflect and the time of year to look ahead. 2018 was a special year, as it marks the tenth anniversary of the onset of the global financial crisis. many times i have heard : “ ten years since the start of the crisis ”. but so far i have never heard anyone frame it in a more positive way : “ it is the tenth year without a new global financial crisis materializing! ” but maybe that is only natural, as central bankers and supervisors would never celebrate a crisis that did not happen. looking back to the situation ten years ago, we were in the midst of immense financial chaos. many factors contributed to the crisis, i will not go into them, but years of deregulation and resulting gaps in regulation were definitely part of the story. what i will do today, is to try to shed light on the prime regulatory concerns we have right now, divided into three main areas : first, i would like to reflect on the financial reform agenda that has been carried out. my message there will be that we have made good progress but we still have work to do. we need to consolidate, implement and evaluate. second, i will argue that the european banking sector has to move from safety to soundness, with the key take away being that we should promote further integration and improve efficiency. and third, i will outline my view on financial stability going forward. financial stability being a concept that evolves over time and should incorporate new developments and risks. 1. the financial reform agenda so first let us look at the reforms carried out in the aftermath of the global financial crisis, which prompted a fundamental rethink of financial

“ are we doing enough? ” speech by frank elderson at eiopa 9th annual conference 19 november 2019 at eiopa ’ s 9th annual conference, frank elderson was asked to present a keynote speech. in this speech elderson explains how climate change impacts insurance companies and pension funds. he also describes the efforts the different parties in the field have taken, in order to discuss whether these efforts are enough. this year, 2019, has been a year of great momentum. no time to sit back, but we must take some time to look back and see how far we have come. eiopa has come a long way in addressing climate and sustainability. and i would like to commend eiopa, under the leadership of gabriel bernardino, for this. it is encouraging to see how much progress we have made. this needed all hands on deck. not only from the financial sector, but from national and international regulators, as well as the government. and this is what we have done. but before i highlight some of our achievements, i want to ask you a question. one important question for all of you. about climate change. a question to which i would love to hear your answers : are we — we as supervisors, central bankers, and the financial sector — are we doing enough? doing enough to manage and prevent climate risks? when we will be looking back, in ten or even only five or three years from now … will we be convinced that the level of ambition we showed in november 2019 was proportional to the scale and magnitude of the problem, as it was already abundantly known at that time? this is an important question that we need to keep asking ourselves. as we continue on our journey of embedding climate - risks into our practices. both in the sector, and in our supervision. how climate change impacts insurance companies and pension funds we all remember the scorching heatwaves and droughts of recent years. 18 of the 19 hottest years have all been this century. you all will have seen the images of flooded venice, where san marco square is now completely shut off by local authorities, after the second - worst flood ever recorded … heatwaves, hail storms and floodings have a direct impact on the economy. reduced productivity … more epidemics and transport disruption … these are just a few of the effects we experienced this summer. climate - related events and disasters like these present physical risks to the financial sector. and they are of course extremely