Attending members of the Transitional Committee discussed the merits and demerits of 'thematic windows" under the Green Climate Fund (GCF) at the second meeting of the ecbi Finance Circle. Held on 13 July 2011 in Tokyo, the meeting was attended by 22 participants from developed and developing countries. ecbi Director Benito Müller said thematic windows should be treated with caution, particularly if contributions are to be earmarked for specific windows (see Speaking Notes). If inevitable, they should take the form of budget lines, rather than institutional sub-entities of the GCF.