The European Parliament’s Economic and Monetary Committee (ECON) is preparing for a vote on 28 November with regard to its resolution on the European Central Bank (ECB) Annual Report. This resolution puts forward a set of recommendations on actions and areas of focus to be pursued by the ECB while delivering on its mandate.
Today with more than a dozen NGOs specialising in climate and environmental issues, we sent a letter to King Philippe and Finance Minister Vincent Van Peteghem. We are requesting the appointment of a Governor of the National Bank of Belgium who is equipped to meet the challenges of climate change.
Get the ECB interest rates explained in plain terms! Discover more with the latest from our explainer series!
There is evidence that the decision by central banks to raise interest rates is already slowing down investments in the renewable energy sector, thereby undermining the green transition. This is in direct contradiction to the latest climate stress test of the European Central Bank (ECB), which calls for a faster switch to a greener economy. It’s time for the ECB to rethink its approach, as opposed to raising interest rates without regard to the outcomes.
Can the ECB both tackle inflation and protect green investments?
Climate-vulnerable countries across the Global South are facing a vicious climate-public debt cycle.