Lessons from Monetary History for Tackling Climate Change

In response to the recent and current economic crisis central banks have adopted new forms of unconventional monetary policy. These should specifically support investments in the global energy transition. The energy transition however, will not be realized during one economic downturn. For that reason, in support of government policies, monetary policymakers should formulate a common long-term global strategy to avoid a runaway climate change that could place price stability out of reach.

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