Legally green


The ECB needs to act on climate change to fulfill its primary and supporting objectives, as well as to minimize risk on its balance sheet. The market neutrality principle might need to be reformed, while the central bank independence is reinforced, not threatened, by the ECB’s climate action. Climate data and metrics are still incomplete and will remain so for the foreseeable future. However, enough is available for the ECB to act on now and thus fulfill its mandate.

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20210708POL - Legally green