Bank of England Governor Mark Carney was right to raise the subject of climate change, a member of the European Central Bank's (ECB) governing council has told CNBC.
At a speech late last month in the City of London, Carney warned that the "challenges currently posed by climate change pale in significance compared with what might come."
"Once climate change becomes a defining issue for financial stability, it may already be too late," he said, adding that "while there is still time to act, the window of opportunity is finite and shrinking."
The BoE governor has since come under criticism from commentators for speaking outside the remit of a central banker. However, Erkki Liikanen, a ECB governing council member and governor of the Bank of Finland, has backed the comments made by the Canadian.