BIS: climate may strip central banks of power

By Jon Hay
20 Jan 2020

A research paper published on Monday by the Bank for International Settlements sets out how grave the peril of climate change is. It asserts the necessity of central banks grasping this problem as central to their responsibilities — but also admits that they will be unable to “preserve financial stability in the age of climate change”.

Launching the paper at a press conference at BIS headquarters in Basel, one of the authors, BIS deputy general manager Luiz Pereira Awazu da Silva, referred to news of extreme weather events and said: “From a central bank regulatory perspective we have to look at the consequences – ...

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