Contributor: Chiara Colesanti Senni

The Case for Climate Objectives in Central Banks’ Targeted Refinancing Operations

| 12 February 2021
Blog, Monetary | Tags: Central Banks, Climate Risk, Monetary Policy, Policy Coherence, Targeted Refinancing Lines
Central banks are making increasing use of targeted refinancing operations to pursue their mandates. However, so far none of them, with a few exceptions in developing economies, has aligned its targeting with the objective of a transition to a low-carbon economy. This must change. Refinancing ... continue reading

Climate Financial Risks: Assessing Convergence, Exploring Diversity

, and | 9 December 2020
Discussion Notes, Monetary | Tags: Climate Risk, Financial Supervision, Monetary Policy Operations, Risk Metrics
Climate risks are now fully recognized as financial risks by asset managers, investors, central banks, and financial supervisors. As a result, the integration of climate risk metrics into risk management processes is moving up agendas worldwide. In that context, a rapidly growing number of market ... continue reading

Central Bank Market Neutrality is a Myth

and | 16 October 2020
Blog, Monetary | Tags: Asset Purchases, Central Banks, Climate Change, Foreign Exchange Reserves, Market Neutrality
Christine Lagarde, the President of the European Central Bank (ECB), this week raised the critical question whether, in view of market failures, market neutrality should remain the guiding principle driving central banks’ policy portfolio management. Her spotlight on market neutrality underscores growing and overdue scrutiny ... continue reading