a sharper deterioration in the credit cycle. all in all, the outlook for both global and euro area financial stability remains highly uncertain. a lot will depend on the interaction between macroeconomic developments and the financial system and on how banks respond to an operating environment that presents various challenges, including some new ones. the financial turmoil could be gradually broadening in scope and evolve into a more traditional credit - cycle downturn. in such circumstances, it is likely that the adjustment process will remain protracted as key participants in the financial system continue their efforts to strengthen their liquidity and capital positions. in an environment where balance sheet conditions can change unexpectedly, there is obviously no room for complacency. vigilance remains of the essence for market participants and policy makers. thank you for your attention.

remarks on the launch of the recommendations of the task force on climate - related financial disclosures mark carney chair of the financial stability board governor of the bank of england delivered at the tate modern 14 december 2016 all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx welcome it is my great pleasure to have been invited, in my capacity as chair of the financial stability board ( fsb ), to help launch the task force on climate - related financial disclosures consultative report. in late 2015, at the request of the g20, the fsb established this private - sector, industry - led task force, under the leadership of michael bloomberg. its mandate was to develop recommendations for voluntary, consistent, comparable, clear and reliable disclosures around climate - related financial risks for companies. the purpose was to provide the information that investors, lenders, insurers and other stakeholders need to manage these risks, and seize the associated opportunities. as those of you who ’ ve had an opportunity to read their report will have seen, the task force has achieved a great deal during the year. so on behalf of shareholders, creditors and citizens, i thank all of the task force members for their tremendous efforts, and your companies for making you available for this important work. if you want a job done well, give it to busy people. public authorities – like the g20 and the fsb – could identify the problem, but we needed the private - sector to provide the solution. this is a solution for the market, by the market. the task force members are drawn from the private sector from across advanced and emerging g20 economies, including major companies, large investors, global banks and insurers, all the major accounting firms and credit rating agencies. as such, the task force represents a true cross - section of those who prepare, demand and use climate - related financial disclosures. let me briefly recap the financial stability imperative to act on climate - related financial risks from rising sea levels to more severe storms and more intense droughts, climate change is already presenting physical risks the g20 had asked, in its april 2015 communique, that the fsb “ convene public - and private - sector participants to review how the financial sector can take account of climate - related issues ”. a full list of task force members can be found at : https : / / www. fsb - tcfd