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Publications on Climate change

4 December 2023
THE ECB BLOG
Policy makers around the world need to move faster to reach net zero emissions by 2050. Latest scenarios are alarming as the foreseeable impact of climate change is worse than previously projected. This ECB Blog post discusses the risks of further delaying the green transition.
Details
JEL Code
E60 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General
E61 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Policy Objectives, Policy Designs and Consistency, Policy Coordination
H12 : Public Economics→Structure and Scope of Government→Crisis Management
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
29 November 2023
THE ECB BLOG
European firms need to invest in new technologies to reach carbon neutrality by 2050. This often requires them to take on debt. But what if a company is already highly leveraged? The ECB Blog looks at the relationship between firms’ indebtedness and their success in reducing emissions.
Details
JEL Code
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
G38 : Financial Economics→Corporate Finance and Governance→Government Policy and Regulation
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
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
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
Q01 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→General→Sustainable Development
27 November 2023
SPEECH
Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
24 November 2023
THE ECB BLOG
Europe must push the green transition forward if it wants to remain competitive in the world. New technologies and green energy aren’t just better for the environment, they also make good economic sense. To be successful, however, the transition needs to be just and inclusive.
22 November 2023
SPEECH
Speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Bertelsmann Stiftung, Berlin
29 September 2023
SPEECH
Opening remarks by Christine Lagarde, President of the ECB, at the joint IEA-ECB-EIB High-Level International Conference on “Ensuring an orderly energy transition: Europe’s competitiveness and financial stability in a period of global energy transformation”
27 September 2023
INTERVIEW
Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Luke Heighton on 22 September 2023
21 September 2023
SPEECH
Speech by Christine Lagarde, President of the ECB, at the Mediterranean Meetings
English
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20 September 2023
SPEECH
Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Springtij Forum
English
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6 September 2023
PRESS RELEASE
6 September 2023
THE ECB BLOG
Moving towards carbon neutrality as quickly and boldly as possible is by far the best way to slow down climate change. It may take more effort in the short run, but in the long run it will cost less overall, says ECB Vice-President Luis de Guindos. We need to reach carbon neutrality to avoid existential risks to nature, people and our economies. And we need to start making changes soon. Procrastinating may be easier and less costly today, but means we will pay a higher price tomorrow: the damage to our environment and economies from rising temperatures will be much more severe. In fact, the sooner and faster we complete the necessary green transition, the lower the overall costs and risks. This is one of the main outcomes of our second economy-wide climate stress test. Let me talk you through the findings.
Details
JEL Code
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
Q50 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→General
5 September 2023
SPEECH
Introductory remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at the Legal Conference organised by the European Central Bank on “The incorporation of environmental considerations in the supervision of prudential risks”
4 September 2023
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 Legal Conference
25 August 2023
SPEECH
Speech by Christine Lagarde, President of the ECB, at the annual Economic Policy Symposium "Structural Shifts in the Global Economy" organised by Federal Reserve Bank of Kansas City in Jackson Hole
10 August 2023
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 5, 2023
Details
Abstract
This box introduces experimental and analytical indicators for assessing climate change, which encompass three main categories: sustainable finance, carbon emissions and physical risks. The data remain under development and are, at this juncture, subject to caveats. The new indicators are a step towards supplying policymakers with appropriate information for assessing the exposure of financial institutions to climate change-related developments. Close interaction with stakeholders is important to this work, and the ECB is actively seeking feedback on the indicators.
JEL Code
C8 : Mathematical and Quantitative Methods→Data Collection and Data Estimation Methodology, Computer Programs
Q50 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→General
9 August 2023
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 5, 2023
Details
Abstract
This article presents a model-based assessment of the short to medium-term economic impact of carbon pricing aimed at mitigating climate change. It addresses the high level of uncertainty in gauging the effects of carbon price increases by employing a suite of macroeconomic models. Under the main scenario, the loss in euro area annual GDP growth is contained and the inflation impact is modest, implying a limited output/inflation trade-off for monetary policy. The scenario supports the transition to a low-carbon economy, but the implied reduction in carbon emissions makes only a limited contribution to achieving the EU’s intermediate emission reduction target for 2030. Accordingly, reaching the EU’s climate goals will require a mixture of ambitious carbon pricing, additional regulatory action and technological innovation.
JEL Code
C54 : Mathematical and Quantitative Methods→Econometric Modeling→Quantitative Policy Modeling
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
H23 : Public Economics→Taxation, Subsidies, and Revenue→Externalities, Redistributive Effects, Environmental Taxes and Subsidies
Q43 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Energy→Energy and the Macroeconomy
23 June 2023
SPEECH
Speech by Christine Lagarde, President of the ECB, at the Summit for a new global financing pact in Paris
English
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8 June 2023
THE ECB BLOG
Humanity needs nature to survive, and so do the economy and banks. The more species become extinct, the less diverse are the ecosystems on which we rely. This presents a growing financial risk that cannot be ignored, warns Frank Elderson, member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB.
Details
JEL Code
Q50 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→General
Q20 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Renewable Resources and Conservation→General
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
8 June 2023
INTERVIEW
Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Martin Arnold on 1 June 2023
1 June 2023
THE ECB BLOG
Can EU companies be both green and globally competitive? Tradeable allowances for carbon emissions set important price incentives for companies to become greener. Unfortunately, evidence shows that many companies move carbon intensive production to other regions, meaning their emissions leak abroad. This ECB Blog post investigates how the EU can strike a balance between green goals and competitiveness.
Details
JEL Code
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
25 May 2023
THE ECB BLOG
Carbon pricing is a central instrument in the EU’s fight against climate change, but it will also affect our economies. In this post on The ECB Blog, we use macroeconomic models to look at what higher prices for carbon emissions will do to growth and inflation.
Details
JEL Code
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
5 May 2023
SPEECH
Speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, State of the Union conference organised by the European University Institute
24 April 2023
PRESS RELEASE
24 April 2023
THE ECB BLOG
The EU has a problem with climate catastrophe insurance: only a quarter of the losses from climate-related disasters are covered. Greater coverage could reduce the economic damage that results from them. This joint ECB-EIOPA post for The ECB Blog looks at ways to make this happen.
Details
JEL Code
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
24 April 2023
OTHER PUBLICATION
21 April 2023
SPEECH
Speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Peterson Institute for International Economics
28 March 2023
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 2, 2023
Details
Abstract
In 2022 the ECB conducted a climate risk stress test of some of the major financial exposures on the Eurosystem balance sheet. This box details the key features of the exercise and its main outcomes.
JEL Code
C53 : Mathematical and Quantitative Methods→Econometric Modeling→Forecasting and Prediction Methods, Simulation Methods
C58 : Mathematical and Quantitative Methods→Econometric Modeling→Financial Econometrics
D81 : Microeconomics→Information, Knowledge, and Uncertainty→Criteria for Decision-Making under Risk and Uncertainty
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
27 March 2023
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 Foreign Bankers’ Association (FBA) 30th anniversary
24 March 2023
THE ECB BLOG
The ECB is for the first time disclosing the carbon footprint of its own investment portfolios and the Eurosystem’s corporate sector holdings. Executive Board members Frank Elderson and Isabel Schnabel explain the progress made and the next steps needed to decarbonise the portfolios of the ECB and the Eurosystem.
Details
JEL Code
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
23 March 2023
PRESS RELEASE
23 March 2023
OTHER PUBLICATION
23 March 2023
OTHER PUBLICATION
22 March 2023
WORKING PAPER SERIES - No. 2798
Details
Abstract
This paper assesses the impact of weather shocks on inflation components in the four largest euro area economies. We combine high-frequency weather data with monthly data on inflation and output growth within a set of Bayesian Vector Autore-gressions which explicitly considers the seasonal dependence of the shock. Results suggest the presence of significant country asymmetries and seasonal responses of inflation to temperature shocks, mainly via food, energy, and service prices. An increase in monthly mean temperatures has inflationary effects in summer and au-tumn, with a stronger response in warmer euro area countries. An increase in temperature variability has significant upward impacts on inflation rates over and above the impacts of changes in means.
JEL Code
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
13 March 2023
OTHER PUBLICATION
15 February 2023
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 1, 2023
Details
Abstract
In line with the ECB’s comprehensive action plan to incorporate climate change considerations into its policy framework, technical assumptions on carbon pricing have been introduced in the Eurosystem/ECB staff macroeconomic projections, along with a regular evaluation of the impact of climate-related fiscal policies on the projections baseline. This box evaluates the impact of green fiscal measures on GDP growth and inflation and discusses potential effects and risks to the outlook posed by the EU Emissions Trading System (ETS) and non-fiscal climate-related measures. The overall impact of green measures on euro area real GDP growth is expected to be very small until 2025, and their impact on inflation is limited but increases slightly over time. Over the period 2022-25, fiscal measures that are detrimental to the green transition outweigh green measures. Changes to the EU ETS under the “Fit for 55” package, and the sustained shift towards renewable energy sources implied by regulation, could pose both upside and downside risks to the inflation outlook, especially from 2025 onwards.
JEL Code
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
O44 : Economic Development, Technological Change, and Growth→Economic Growth and Aggregate Productivity→Environment and Growth
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
10 February 2023
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 10 February 2023
2 February 2023
PRESS RELEASE
24 January 2023
PRESS RELEASE
10 January 2023
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the International Symposium on Central Bank Independence, Sveriges Riksbank, Stockholm
Annexes
10 January 2023
SPEECH
24 December 2022
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Gerald Braunberger and Christian Siedenbiedel on 16 December 2022
English
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1 December 2022
SPEECH
Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Lustrum Symposium organised by Dutch Financial Law Association
18 November 2022
THE ECB BLOG
A shared understanding of how climate change affects the economy can be the basis for global action. To help inform and guide policy across the globe central bankers and supervisors have developed climate scenarios. This is the final post in a series on the occasion of COP27.
Details
JEL Code
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
Q52 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Pollution Control Adoption Costs, Distributional Effects, Employment Effects
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
Q51 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Valuation of Environmental Effects
Related
18 November 2022
SPEECH
Speech by Christine Lagarde, President of the ECB, at the European Banking Congress
16 November 2022
SPEECH
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the Italian Banking Association
English
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15 November 2022
SPEECH
Dinner speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, on the occasion of the 25th Euro Finance Week, Deutsche Bundesbank
15 November 2022
THE ECB BLOG
Europe is punching below its weight in the climate-technology competition. The continent needs to facilitate risk capital markets and to invest more in research and development. This is the 4th post in a series of climate-related entries on the occasion of COP27.
9 November 2022
THE ECB BLOG
We need to intensify the greening of our economies despite the energy crisis. Hastening the process will reduce the costs of transition and help to ensure price stability in the long run. This is the third post in a series of climate-related entries on the occasion of COP27.
9 November 2022
SPEECH
Panel contribution by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Euro-Mediterranean Economists Association COP27 side event on “Investing in and financing the acceleration of sustainable development in a net zero scenario” in Sharm El-Sheikh
7 November 2022
THE ECB BLOG
If we do not account for the impact of climate change on our economy, we risk missing a crucial part in our work to keep prices stable, argues Christine Lagarde in the ECB Blog. This is the second entry in a series of climate related entries on the occasion of COP27.
4 November 2022
SPEECH
Speech by Luis de Guindos, Vice-President of the ECB, at Energy Prospectives event organised by IESE Business School and Naturgy Foundation
2 November 2022
THE ECB BLOG
Banks must adapt the way they do business to account for climate-related and environmental risks. The ECB Blog takes a fresh look at their progress and the road ahead. This is the first post in a series of climate-related entries on the occasion of COP27.
14 October 2022
SPEECH
Statement by Christine Lagarde, President of the ECB, at the forty-sixth meeting of the International Monetary and Financial Committee
29 September 2022
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 De Nederlandsche Bank/Official Monetary and Financial Institutions Forum conference on “Moving beyond climate: integrating biodiversity into financial markets” at Artis Zoo in Amsterdam
22 September 2022
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 6, 2022
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Abstract
In-house credit assessment systems (ICASs) of euro area national central banks are an important source of credit risk assessments for credit claims from non-financial corporates. These credit claims can be pledged as collateral in monetary policy operations. Climate change and the transition to a greener economy can affect the growth, financial performance, market position and business model of a company, and hence its creditworthiness. Therefore, as part of the ECB’s action plan for including climate change considerations in monetary policy implementation, the Governing Council has agreed a set of common minimum standards on incorporating these risks in ICAS rating processes. Assessments of climate change risks will mainly focus on the companies most affected and those which pose the highest risk to the Eurosystem. The analysis will be performed at firm level whenever sufficient data is available, using state-of-the-art methods and metrics. All ICASs will comply with the common minimum standards from end-2024 onwards.
JEL Code
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
21 September 2022
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 6, 2022
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Abstract
Mitigating climate change requires sustained and multipronged policy efforts, as a matter of urgency. Many initiatives to mitigate climate change are directly linked to fiscal policy, mainly through public spending or taxation. This article provides an overview of existing, required and expected fiscal climate policy efforts to advance the green transition in the euro area, focusing on carbon pricing and green public investment. It also looks at the distributional consequences of carbon pricing.
JEL Code
H23 : Public Economics→Taxation, Subsidies, and Revenue→Externalities, Redistributive Effects, Environmental Taxes and Subsidies
H30 : Public Economics→Fiscal Policies and Behavior of Economic Agents→General
Q52 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Pollution Control Adoption Costs, Distributional Effects, Employment Effects
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
19 September 2022
PRESS RELEASE
27 August 2022
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Jackson Hole Economic Policy Symposium organised by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming
25 August 2022
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Morgane Miel on 13 July 2022 and published on 25 August 2022
English
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26 July 2022
PRESS RELEASE
8 July 2022
THE ECB BLOG
The ECB is reducing the carbon footprint in its portfolio and pushing banks to better manage climate risks. Within our mandate, we incorporate climate change considerations into our monetary policy and banking supervision, say Frank Elderson and Isabel Schnabel.
4 July 2022
LETTERS TO MEPS
4 July 2022
PRESS RELEASE
22 June 2022
SPEECH
Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 10th Annual Conference on Bank Steering & Bank Management at the Frankfurt School of Finance & Management
27 April 2022
SPEECH
Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, International Association for Official Statistics (IAOS) Conference, Kraków
21 April 2022
SPEECH
Statement by Christine Lagarde, President of the ECB, at the forty-fifth meeting of the International Monetary and Financial Committee
17 March 2022
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a panel on “Monetary Policy and Climate Change” at The ECB and its Watchers XXII Conference
Annexes
17 March 2022
SPEECH
14 March 2022
SPEECH
Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 14th European Bank Institute Policy Webinar on the ECB’s supervisory approach on climate-related and environmental risks
18 February 2022
SPEECH
Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Industry outreach on the thematic review on climate-related and environmental risks
14 February 2022
SPEECH
Introductory statement by Christine Lagarde, President of the ECB, at the plenary session of the European Parliament
9 February 2022
INTERVIEW
Interview on Twitter with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 9 February 2022
8 January 2022
SPEECH
Remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at a panel on “Climate and the Financial System” at the American Finance Association 2022 Virtual Annual Meeting
Annexes
8 January 2022
SPEECH
8 December 2021
SPEECH
Welcome remarks by Christine Lagarde, President of the ECB and Chair of the European Systemic Risk Board, at the fifth annual conference of the ESRB
29 November 2021
SPEECH
Lectio Magistralis by Christine Lagarde, President of the ECB, at the Accademia Nazionale dei Lincei
25 November 2021
SPEECH
Speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, ECB Legal Conference 2021
9 November 2021
SPEECH
Remarks by Christine Lagarde, President of the ECB, at the ECB Forum on Banking Supervision, 9 November 2021
4 November 2021
SPEECH
Panel contribution by Frank Elderson, Chair of the Network of Central Banks and Supervisors for Greening the Financial System, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at COP26 World Leaders’ Summit Presidency Event on “Action on Forest and Land Use”
4 November 2021
THE ECB BLOG
The COP26 summit is a vital opportunity to set out a clear path towards a zero-carbon world, President Lagarde writes in a blog post. While the road ahead may seem daunting, she argues that a credible transition path will need clear signposts to break it up into more manageable stages.
3 November 2021
INTERVIEW
Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Francine Lacqua, Bloomberg TV, on 2 November
3 November 2021
OTHER PUBLICATION
3 November 2021
SPEECH
Keynote speech by Frank Elderson, Chair of the Network of Central Banks and Supervisors for Greening the Financial System, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the COP26 Finance Day Presidency Event on “A Financial System for Net Zero”
20 October 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 Financial Market Authority’s Supervisory Conference
19 October 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 31st Lisbon meeting between the central banks of Portuguese-speaking countries
English
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16 October 2021
SPEECH
2021 Per Jacobsson Lecture by Christine Lagarde, President of the ECB, at the IMF Annual Meetings
14 October 2021
SPEECH
Statement by Christine Lagarde, President of the ECB, at the forty-fourth meeting of the International Monetary and Financial Committee
12 October 2021
SPEECH
Speech by Christine Lagarde, President of the ECB, at the Finance at Countdown event
24 September 2021
SPEECH
Panel contribution by Philip R. Lane, Member of the Executive Board of the ECB, to the 5th Joint Regional Financing Arrangements Research Seminar organised by the European Stability Mechanism
24 September 2021
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Annette Weisbach, CNBC, on 23 September
23 September 2021
SPEECH
Speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the 8th Conference on the Banking Union, Goethe University, Frankfurt am Main
22 September 2021
PRESS RELEASE
13 September 2021
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, 148th Baden-Baden Entrepreneurs’ Talk
English
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Annexes
13 September 2021
SPEECH
English
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1 September 2021
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, on 30 August 2021
31 August 2021
THE ECB BLOG
The existential threat posed by climate change implies that central banks must not stand on the sidelines in the fight against global warming, writes Executive Board member Isabel Schnabel. Our ambitious climate action plan outlines how the ECB will contribute within its mandate.
21 August 2021
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Carla Neuhaus on 17 August and published on 20 August 2021
English
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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
English
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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
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
English
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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
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”, 3 March 2021
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
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
English
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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, 28 September 2020
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
MONETARY POLICY 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
English
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12 December 2019
MONETARY POLICY 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