Erik Berglof: The Call to Action is overdue

The document calls for international leadership to address two urgent tasks: restoring confidence in financial institutions, particularly in Europe and Emerging Europe, and managing the long-term transition to a low-carbon economy. The author highlights the risks posed by the disposal of bank assets in emerging markets and the need for robust cross-border banking regulation. Regarding the energy transition, the author emphasizes the necessity of carbon markets and green investment finance to support a global shift toward a low-carbon economy, noting that emerging markets must adopt "green growth" to avoid new technological divides.

• The author asserts that European policy-makers have been slow to create transparency in the banking sector, leading to ineffective stress tests and the frustration of the European Banking Authority's (EBA) efforts to coordinate bank recapitalization.
• The disposal of assets by European banks is creating significant risks for Emerging Europe, potentially threatening systemic subsidiaries and the progress made during two decades of democratic and market transition.
• There is a critical need for a regulatory, supervisory, and crisis management framework for cross-border banking to prevent emerging markets from relying solely on local funding, which could hinder growth.
• A successful global transition to a low-carbon economy requires addressing both historical and current CO2 emissions, with carbon markets and the mobilization of finance for green investments being essential tools.
• Emerging markets must actively pursue "green growth" to ensure they are not left behind by the technological revolution of the energy transition.

APA

Berglof, E. (2012). Erik Berglof: The Call to Action is overdue. World Economic Forum. https://www.weforum.org/stories/climate-action/erik-berglof-the-call-to-action-is-overdue/

Chicago

Berglof, Erik. Erik Berglof: The Call to Action is overdue. World Economic Forum, 2012. https://www.weforum.org/stories/climate-action/erik-berglof-the-call-to-action-is-overdue/.

Wikipedia

{{cite press release |last1=Berglof |first1=Erik |title=Erik Berglof: The Call to Action is overdue |publisher=World Economic Forum |date=24 January 2012 |url=https://www.weforum.org/stories/climate-action/erik-berglof-the-call-to-action-is-overdue/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{berglof2012erik, author = {Berglof, Erik}, title = {{Erik Berglof: The Call to Action is overdue}}, publisher = {World Economic Forum}, year = {2012}, month = jan, url = {https://www.weforum.org/stories/climate-action/erik-berglof-the-call-to-action-is-overdue/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }