The European Central Bank is facing pressure from civil society to act on climate change. The pressure intensifies since the new President of #ECB, Christine #Lagarde, called for a review of the ECB& #39;s monetary policy strategy, which might address the issue https://www.ft.com/content/61ef385a-1129-11ea-a225-db2f231cfeae">https://www.ft.com/content/6...
4/n It also suggests a redesign of the Quantitative Easing ( #QE) for favouring investments contributing to the green transition. Such redirection of the central bank’s action towards climate change would face a harsh opposition within the Governing Council https://www.ft.com/content/60d9832c-fa3f-11e9-a354-36acbbb0d9b6">https://www.ft.com/content/6...
5/n Members of Governing Council (including #Bundesbank& #39;s President Jens #Weidmann) consider that such measures contradict the principle of market neutrality enshrined in the Treaties & that tackling climate change is the responsability of democratically legitimised institutions
7/n In this definitional struggle, civil society& #39;s mobilisation for #ECB action on climate change is building on #Lagarde& #39;s pledge (at her EP hearing last September) to put the protection of the environment at the core of the understanding of ECB& #39;s mission https://www.nytimes.com/2019/09/04/business/climate-change-ecb-lagarde.html">https://www.nytimes.com/2019/09/0...
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