A race against time: The implications of the ECB climate action plan

With the results of the ECB strategy review now published, the commitment of the ECB to tackle climate change is officially on paper. While it is a step in the right direction, disclosures, as largely planned by the ECB, in themselves do not constitute significant actions towards tackling climate change. Combined with the slow speed of implementation, we doubt the ambition of the climate roadmap. 

Why green monetary policy is legal and legitimate 

Those sceptical that the European Central Bank (ECB) should its green monetary policy claim this is not compatible with the ECB’s mandate, and that this would be undemocratic. But fighting climate change is part of the ECB’s mandate, and democratically elected politicians can legitimise a greener approach.

NEW REPORT: How can the European Central Bank unleash building renovations across Europe

A new report by Positive Money Europe proposes to accelerate building renovations in the EU by tweaking the European Central Bank’s gigantic “TLTROs” programme to incentivize banks to offer cheap loans for building renovations.

The truth is out: The ECB cannot run out of money

By clarifying that “the ECB will neither run out of liquidity nor fail”, Christine Lagarde has put an end to the irrational logic according to which central banks could go bankrupt.

Christine Lagarde meets with Positive Money Europe

On Monday 2 December 2019, a group of NGOs including Positive Money Europe met with the new President of the European to hand over a letter calling on the ECB to accelerate its efforts in the fight against climate change.

LATEST NEWS

ECB and climate change – what’s new? (Webinar Video)

ECB and climate change – what’s new? (Webinar Video)

What are the conclusions of the ECB’s strategy review, and what are the implications of its climate action on our everyday lives?

In this short presentation, our economist Uuree focuses on the Asset Purchase Programmes, namely the Corporate Sector Purchase Programme of the ECB and explains why it represents a real issue when it comes to the climate emergency.

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The ECB’s new inflation target lacks credibility

The ECB’s new inflation target lacks credibility

The new inflation target of the ECB offers minimalistic improvements and lacks credibility. Although the ECB wants to get rid of its deflationary bias, it shies away from considering more forceful and radical instruments that could achieve that, giving itself instead more convenient justifications for missing the target in the future. The ECB will have to consider more paradigmatic changes to its monetary policy when it next reviews its strategy in 2025.

read more
A race against time: The implications of the ECB climate action plan

A race against time: The implications of the ECB climate action plan

With the results of the ECB strategy review now published, the commitment of the ECB to tackle climate change is officially on paper. While it is a step in the right direction, disclosures, as largely planned by the ECB, in themselves do not constitute significant actions towards tackling climate change. Combined with the slow speed of implementation, we doubt the ambition of the climate roadmap. 

read more

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