Climate change – like the Covid-19 pandemic – will have a profound effect on the global economy. It will have a significant influence on the work of central bankers and supervisors everywhere, including our key objectives of price stability and financial stability.

The nature and the extent of the potential shock depends on our collective actions. If we take decisive action today, there is a good chance that global warming stays below 2.0°C, as set out in the Paris Agreement. If we ignore the

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