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Climate change

13 July 2021
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Martin Arnold on 11 July 2021
11 July 2021
SPEECH
Speech by Christine Lagarde, President of the ECB, at the International Climate Change Conference in Venice
10 July 2021
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Patrick Bernau and Dennis Kremer on 8 July and published on 10 July 2021
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8 July 2021
PRESS RELEASE
1 July 2021
PRESS RELEASE
29 June 2021
SPEECH
Speech by Christine Lagarde, President of the ECB, at the Brussels Economic Forum 2021
28 June 2021
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, at the Frankfurt Euro Finance Summit
17 June 2021
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Paul Gordon on 17 June 2021
16 June 2021
SPEECH
Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the ECB-EBRD joint conference on “Emerging climate-related risk supervision and implications for financial institutions”
14 June 2021
SPEECH
Welcome address by Isabel Schnabel, Member of the Executive Board of the ECB, at the ECB DG-Research Symposium “Climate change, financial markets and green growth”
14 June 2021
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Johanna Treeck and Florian Eder on 11 June 2021 in Frankfurt
3 June 2021
SPEECH
Speech by Frank Elderson, Chair of the Central Banks and Supervisors Network for Greening the Financial System, Member of the Executive Board and Vice-Chair of the Supervisory Board of the ECB, at The Green Swan Conference – Coordinating finance on climate
27 May 2021
SPEECH
Keynote speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the “VIII. New Paradigm Workshop”, organised by the Forum New Economy
Annexes
27 May 2021
SPEECH
27 May 2021
SPEECH
Keynote speech by Luis de Guindos, Vice-President of the ECB, at the joint ECB and European Commission conference on “European Financial Integration and Stability”
19 May 2021
PRESS RELEASE
Related
19 May 2021
FINANCIAL STABILITY REVIEW
11 May 2021
THE ECB BLOG
Blog post by Fabio Panetta, Member of the Executive Board of the ECB
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Summary
Climate change and sustainability are global challenges that require global solutions, especially in the financial sector, writes Executive Board member Fabio Panetta. We need international disclosure standards and principles to categorise sustainable activities.
6 May 2021
SPEECH
Speech by Christine Lagarde, President of the ECB, at the European Commission’s high-level conference on the proposal for a Corporate Sustainability Reporting Directive, 6 May 2021
30 April 2021
PRESS RELEASE
29 April 2021
SPEECH
Keynote speech by Frank Elderson, Vice-Chair of the Supervisory Board and Member of the Executive Board of the ECB, at the conference on “The Role of Banks in Greening Our Economies” organised by the European Bank for Reconstruction and Development and Hrvatska narodna banka
28 April 2021
INTERVIEW
Interview on Twitter with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 28 April 2021
9 April 2021
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Tim Bartz and Stefan Kaiser on 1 April and published on 9 April 2021, in print on 10 April 2021
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8 April 2021
SPEECH
Statement by Christine Lagarde, President of the ECB, at the forty-third meeting of the International Monetary and Financial Committee
18 March 2021
THE ECB BLOG
Blog post by Luis de Guindos, Vice-President of the ECB
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Summary
The damage caused by more frequent and severe natural disasters far exceeds the costs of transitioning to a greener economy, writes Vice-President Luis de Guindos in his ECB Blog post on our first climate stress test for banks and companies.
17 March 2021
INTERVIEW
Interview on Twitter with Frank Elderson, Member of the Executive Board of the ECB, conducted and published on 16 March 2021
17 March 2021
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Guillaume Benoit, Elsa Conesa, Lucie Robequain and Sophie Rolland
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3 March 2021
SPEECH
Intervention by Isabel Schnabel, Member of the Executive Board of the ECB, at the “Greening Monetary Policy – Central Banking and Climate Change” online seminar, organised as part of the “Cleveland Fed Conversations on Central Banking”
Annexes
3 March 2021
SPEECH
2 March 2021
INTERVIEW
Interview with Luis de Guindos, Vice-President of the European Central Bank (ECB), conducted by Sérgio Aníbal
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13 February 2021
THE ECB BLOG
Blog post by Frank Elderson, Member of the Executive Board of the ECB
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Summary
Climate change requires urgent action and we at the ECB must be committed to doing our part, says Executive Board member Frank Elderson. The EU Treaties define clear obligations and limits. They provide substantial scope for the ECB to take action on climate change.
8 February 2021
SPEECH
Introductory statement by Christine Lagarde, President of the ECB, at the plenary session of the European Parliament
7 February 2021
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Marie-Pierre Gröndahl and Hervé Gattegno
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4 February 2021
PRESS RELEASE
31 January 2021
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Klemens Kindermann on 29 January 2021 and published on 31 January 2021
25 January 2021
SPEECH
Introductory statement by Frank Elderson, Member of the Executive Board of the ECB, at the ECON Committee of the European Parliament
25 January 2021
SPEECH
Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the 50th anniversary of the Associazione Italiana per l’Analisi Finanziaria (by videoconference)
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25 January 2021
PRESS RELEASE
25 January 2021
SPEECH
Keynote speech by Christine Lagarde, President of the ECB, at the ILF conference on Green Banking and Green Central Banking
25 January 2021
PRESS RELEASE
1 December 2020
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jana Randow, Carolynn Look and Alexander Weber on 30 November 2020
21 November 2020
INTERVIEW
Interview with Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Kai Johannsen and published on 21 November 2020
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17 November 2020
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Alison Smale and Jack Ewing on 10 November 2020
3 November 2020
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Jan Mallien and Frank Wiebe
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19 October 2020
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Marie Charrel and Eric Albert
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7 October 2020
INTERVIEW
Interview with Christine Lagarde, President of the ECB
1 October 2020
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Luke Heighton on 29 September 2020
28 September 2020
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the European Sustainable Finance Summit, Frankfurt am Main
Annexes
28 September 2020
SPEECH
22 September 2020
PRESS RELEASE
31 August 2020
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Balazs Koranyi and Frank Siebelt on 28 August 2020 and published on 31 August 2020
31 July 2020
INTERVIEW
Interview with Christine Lagarde, conducted by Dominique Lecoq and Marc Aubault on 29 July and published on 31 July
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23 July 2020
INTERVIEW
Video interview with Christine Lagarde, President of the ECB, conducted live by David Ignatius on 22 July 2020
17 July 2020
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a virtual roundtable on “Sustainable Crisis Responses in Europe” organised by the INSPIRE research network, 17 July 2020
8 July 2020
INTERVIEW
Video interview with Christine Lagarde, President of the ECB, conducted by Roula Khalaf on 7 July 2020 and posted on 8 July 2020
9 June 2020
INTERVIEW
Interview on Twitter with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 9 June 2020
8 June 2020
SPEECH
Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament (by videoconference)
Annexes
8 June 2020
OTHER PUBLICATION
5 June 2020
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Léa Salamé and Thomas Sotto on 4 June 2020
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27 May 2020
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Karen Horn
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26 March 2020
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 2, 2020
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Abstract
This box assesses the impact of fiscal measures to address climate change on growth and inflation over the March 2020 ECB staff projection horizon. Policies to reduce greenhouse gas emissions in the EU comprise: (a) the EU Emissions Trading System (ETS) and (b) national measures in sectors which are not covered by the ETS. Overall, the baseline assumes some impact of climate measures on prices related to the German climate package, while the assumed impact of measures in other countries is limited.
JEL Code
E3 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
27 February 2020
SPEECH
Speech by Christine Lagarde, President of the ECB, at the launch of the COP 26 Private Finance Agenda
11 February 2020
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Anja Ettel and Holger Zschäpitz on 10 February 2020, published on 11 February 2020
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11 February 2020
SPEECH
Introductory statement by Christine Lagarde, President of the ECB, on the occasion of the presentation of the ECB Annual Report 2018 at the European Parliament
10 February 2020
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Andrés Stumpf on 6 February 2020 and published on 10 February 2020
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6 February 2020
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, at the XXVI Santander Iberian Conference
5 February 2020
SPEECH
Speech by Christine Lagarde, President of the ECB, at the "Grand Prix de l’Économie des Echos pour l’année 2019"
24 January 2020
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Francine Lacqua and broadcast on 24 January
24 January 2020
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Jean-Paul Chapel
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23 January 2020
INTRODUCTORY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 23 January 2020
9 January 2020
SPEECH
Presentation by Philip R. Lane, Member of the Executive Board of the ECB, at the Bank of England Workshop on "The Future of Inflation Targeting" in London, 9 January 2020
8 January 2020
INTERVIEW
Interview with Christine Lagarde, President of the ECB, by Pierre-Henri de Menthon and Sabine Syfuss-Arnaud
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12 December 2019
INTRODUCTORY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 12 December 2019
28 November 2019
SPEECH
Remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the PSE job forum, Paris School of Economics
27 November 2019
RESEARCH BULLETIN - No. 64
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Abstract
This article provides evidence that economies receiving more funding from stock markets than credit markets generate fewer carbon emissions. Increasing the equity financing share to one-half globally would reduce aggregate per capita emissions by about one-quarter of the Paris Agreement commitment. Our findings call for supporting equity-based initiatives rather than policies aimed at decarbonising the European economy through the banking sector.
JEL Code
G10 : Financial Economics→General Financial Markets→General
O4 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity
Q5 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics
21 November 2019
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, at the European Savings and Retail Banking Group Conference, “Creating sustainable financial structures by putting citizens first”
30 October 2019
SPEECH
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, at lecture series “Mein Europa”, Heinrich-Heine University
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17 October 2019
SPEECH
Speaking notes by Luis de Guindos, Vice-President of the ECB, at roundtable event on climate-related risks at Bloomberg
26 September 2019
WORKING PAPER SERIES - No. 2318
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Abstract
We study the relation between the structure of financial systems and carbon emissions in a large panel of countries and industries over the period 1990-2013. We find that for given levels of economic and financial development and environmental regulation, CO2 emissions per capita are lower in economies that are relatively more equity-funded. Industry-level analysis reveals two distinct channels. First, stock markets reallocate investment towards less polluting sectors. Second, they also push carbon-intensive sectors to develop and implement greener technologies. In line with this second effect, we show that carbon-intensive sectors produce more green patents as stock markets deepen. We also document an increase in carbon emissions associated with the production of imported goods equal to around one-tenth of the reduction in domestic carbon emissions.
JEL Code
G10 : Financial Economics→General Financial Markets→General
O4 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity
Q5 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics
17 April 2019
SPEECH
Panel remarks by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the Network for Greening the Financial System Conference, in Paris, France, 17 April 2019
25 February 2019
WORKING PAPER SERIES - No. 2247
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Abstract
We derive the Green Golden Rule (GGR) in the Habit Formation (HF) and Anticipation of Future Consumption (AFC) frameworks. Since consumption is the key variable of GGR, time non-separabilities in preferences over consumption streams, given by the AFC and HF, may have important impacts on the environment and sustainability. We demonstrate that agents who smooth their consumption patterns, according to the HF hypothesis, are more likely to preserve the environment than those who anticipate future consumption or who do not so smooth consumption.
JEL Code
D90 : Microeconomics→Intertemporal Choice→General
Q56 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Environment and Development, Environment and Trade, Sustainability, Environmental Accounts and Accounting, Environmental Equity, Population Growth
27 November 2018
SPEECH
Speech by Yves Mersch, Member of the Executive Board of the ECB, Workshop discussion: Sustainability is becoming mainstream, Frankfurt, 27 November 2018
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8 November 2018
SPEECH
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at a conference on “Scaling up Green Finance: The Role of Central Banks”, organised by the Network for Greening the Financial System, the Deutsche Bundesbank and the Council on Economic Policies, Berlin, 8 November 2018
8 November 2018
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 7, 2018
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Abstract
This box analyses the impact of the Eurosystem's asset purchase programme (APP) on the growing market for 'green bonds'. It describes the composition of the Eurosystem's green bond holdings and assesses developments in prices and outstanding volumes of green bonds, before discussing the extent to which these may have been affected by the APP.
JEL Code
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
Q59 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Other
E59 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Other
30 October 2018
SPEECH
Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the 13th ASBA-BCBS-FSI High-Level Meeting on Global and Regional Supervisory Priorities in Nassau, Bahamas, 30 October 2018
21 November 2016
WORKING PAPER SERIES - No. 1982
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Abstract
This paper studies how disasters aff ect consumer price inflation, one of the main remaining gaps in our understanding of the impact of disasters. There is a marked heterogeneity in the impact between advanced economies, where the impact is negligible, and developing economies, where the impact can last for several years. There are also di fferences in the impact by type of disasters, particularly when considering inflation sub-indices. Storms in- crease food price inflation in the near term, although the eff ect dissipates within a year. Floods also typically have a short-run impact on inflation. Earthquakes reduce CPI inflation excluding food, housing and energy.
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming