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Publications on Climate change

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
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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, Frankfurt am Main
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
Details
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
Details
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
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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
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
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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
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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
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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
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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
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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
English
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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
English
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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
English
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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
English
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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
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
English
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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
English
OTHER LANGUAGES (1) +
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27 May 2020
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Karen Horn
English
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26 March 2020
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 2, 2020
Details
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
English
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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
English
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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
English
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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
English
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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
Details
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
English
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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
English
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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
Details
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
Details
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