A recording of Positive Money Europe’s new webinar on the ECB’s neglected secondary mandate is now available online.
On October 29, Positive Money Europe together with Fairfin placed a car wrecked by the recent floods in front of the National Bank of Belgium (NBB), serving as a staunch reminder that the NBB is bankrolling some of the worst climate offenders,. Thereby, Positive Money Europe joins a global movement of organizations calling for a moratorium on funding companies that undermine climate objectives.
Trillions are needed for the deep building renovations required to meet Europe’s climate targets. To make this happen, EU institutions need to use the network of banks across Europe and incentivise loans for home renovation, argue finance campaigners.
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.
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.
The outcomes of the ECB’s strategic review show how much progress was made on civil society demands such as climate action and the inclusion of housing prices in inflation data. However, the ECB failed to depart from the status quo in terms of its core monetary policy tasks. Nonetheless, the ECB’s commitment to carry out periodic reviews, as soon as in 2025) are good foundations for working towards a more effective and fair monetary policy.