Contributor: Pierre Monnin

The ECB Response to COVID-19

| 27 March 2020
Blog, Monetary | Tags: Asset Purchases, Covid-19, European Central Bank, Helicopter Money, Targeted Refinancing Lines
Since the outbreak of the COVID-19 crisis, the European Central Bank (ECB) committed to inject an additional 870 billion euro – about 7% of the euro area’s GDP – into financial markets to address the significant challenge the pandemic poses to the economy. Through its ... continue reading

Shifting Gears: Integrating Climate Risks in Monetary Policy Operations

| 20 January 2020
Monetary, Policy Briefs | Tags: Asset Purchases, Central Banks, Climate risk, Collateral framework, Credit Risk
The assets central banks purchase and accept as collateral are at the core of monetary policy implementation. Risk considerations play a crucial role in the selection of these assets: central banks seek to limit their holdings and eligible collateral to assets that minimize their risk ... continue reading

Climate Risk and Financial Systems of Latin America: Regulatory, Supervisory and Industry Practices in the Region and Beyond

, , , and | 18 December 2019
Discussion Notes, Monetary | Tags: Central Banks, Climate risk, Financial Regulation, Green Finance, Latin America
In Latin America and the Caribbean (LAC), regional supervisors and regulators have not yet explicitly included nor addressed climate-related risks in binding regulations and/or supervisory measures for the financial sector. This implies significant work ahead for the LAC financial sector to develop effective and complete ... continue reading

Climate Risks in Financial Assets

, and | 4 November 2019
Discussion Notes, Monetary | Tags: Asset prices, Climate risk, Climate stress tests
This note reviews the empirical evidence available in the academic literature about the impact of climate-related risks on financial assets. It addresses three main questions: does climate change already affect financial asset returns? What is the potential impact of future climate-related costs on financial asset ... continue reading

Prudential Regulation Can Help in Tackling Climate Change

, and | 13 February 2019
Blog, Monetary | Tags: Environment, Financial Regulation
Awareness of climate-related financial risks has been growing in the past years. Prudential frameworks however still fall short in reflecting them. Given the possible impacts of climate risks on financial stability, incorporating them into prudential regulation is rapidly moving up agendas both among academics and ... continue reading