FRANKFURT: The coronavirus pandemic demonstrates in the clearest terms why central banks must take a bigger role in fighting climate change even ...
FRANKFURT: The coronavirus pandemic demonstrates in the clearest terms why central banks must take a bigger role in fighting climate change even if the issue at first appears unrelated to monetary policy, European Central Bank board member Isabel Schnabel said.
"Climate change is probably the biggest challenge we are facing, much bigger than the pandemic," Schnabel said. Through its supervisory arm the ECB could require banks to provide a climate risk assessment, which could then affect their access to central bank funding if this assessment has a direct implication on collateral valuations, Schnabel said.The central bank should also push the European Union to add a green element to its long-delayed project to set up a capital markets union as a focus on green finance could give the bloc a competitive advantage, she argued.
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