Governing Finance and Sustainability
21-22 January 2019 | Zurich, Switzerland | By Invitation
Monetary,
Roundtables | Tags:
Central Banks,
Financial Regulation,
Governing Finance
As highlighted by Benoît Coeuré from the ECB in his keynote on “Monetary Policy and Climate Change” last November, there is an accelerating momentum to move sustainability up financial market agendas worldwide. A key aspect of this development is the growing acceptance that the nexus
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Integrating Climate Risks into Credit Risk Assessment: Current Methodologies and the Case of Central Banks Corporate Bond Purchases
Pierre Monnin | 21 December 2018
Monetary,
Discussion Notes | Tags:
Climate Risk,
Credit Risk,
ECB Corporate Sector Purchase Programme
Climate change, and the transition to a low-carbon economy that can mitigate it, engender significant economic costs. These costs are ultimately borne by households and firms. They affect households’ and firms’ cash flows and wealth, which are key determinants of their credit worthiness. Climate-related costs
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Central Banks Should Reflect Climate Risks in Monetary Policy Operations
Pierre Monnin | 10 September 2018
Monetary,
Policy Briefs | Tags:
Asset Purchases,
Central Banks,
Climate Risk,
Collateral Framework
The transition to a low-carbon economy requires a shift in capital allocation from incumbent carbon-intensive technologies to new low-carbon technologies. Financial markets play a key role in this process: they influence firms’ investment costs and serve as reference point in investors’ decisions. Currently, there
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Climate Change and Finance: What Role for Central Banks and Financial Regulators?
Emanuele Campiglio,
Yannis Dafermos,
Pierre Monnin,
Josh Ryan-Collins,
Guido Schotten and
Misa Tanaka | 7 September 2018
Monetary,
Blog | Tags:
Central Banks,
Climate Change,
Environment,
Financial Regulation
Climate change poses risks to the financial system. Yet our understanding of these risks is still limited. As we explain in a recent paper published in Nature Climate Change, central banks and financial regulators could contribute to the development of methodologies and modelling tools for
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Financial Stability and Inequality: A Challenge for Macroprudential Regulation
Pierre Monnin | 5 June 2018
Monetary,
Blog | Tags:
Central Banks,
Financial Regulation,
Financial Stability,
Inequality,
Macroprudential Policy
The global financial crisis shed new light on the role that central banks play for financial stability. In response to the financial turmoil, central banks took radical action to stabilize the financial system, by providing liquidity to banks and buying up financial assets. Following these
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Scaling up Green Finance: The Role of Central Banks
8 – 9 November, 2018. Co-organized with the Central Banks and Supervisors Network for Greening the Financial System
Monetary,
Workshops | Tags:
Central Banks,
Climate Change,
Green Finance
The transition to a low-carbon economy requires shifting trillions from brown to green activities. Several reports estimate that more than USD 90 trillion will be needed to adapt our infrastructure in a way that is consistent with the 2°C scenario. Given that the horizon of
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Central Banks and the Transition to a Low-Carbon Economy
Pierre Monnin | 22 March 2018
Monetary,
Discussion Notes | Tags:
Central Banks,
Environment,
Macroprudential Regulation,
Quantitative Easing
Climate change is a fundamental challenge for our societies. Containing it will require a profound and radical transformation of our economic system, including a substantial reorientation of investments toward low-carbon technologies. The question to what extent central banks can and should contribute to this effort
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How’s Life?
Alexander Barkawi | 22 January 2018
Fiscal,
Monetary,
Trade,
Publications | Tags:
Environment,
Inequality
In November, the OECD published its most recent report on a short but fundamental question: How’s Life? Income is an important, but not the only factor in determining the answer. The OECD reflects this by going beyond the focus on GDP, that has for long
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Climate Change Adds to Risk for Banks, but EU Lending Proposals Will Do More Harm Than Good
Arnoud Boot and
Dirk Schoenmaker | 17 January 2018
Monetary,
Blog | Tags:
Climate Change,
Financial Stability,
Macroprudential Regulation
Climate change is a relevant risk factor for the banking sector, but the European Commission's plan to lower capital requirements for greener investments is irresponsible in encouraging banks to forego proper risk management.
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Central Banking and Green Finance
28-29 November, 2017. Co-organized with De Nederlandsche Bank
Monetary,
Workshops | Tags:
Climate Change,
Financial Regulation,
Green Finance
When the Leaders of the G20 met in China in 2016 they highlighted the necessity to scale up green financing. They also endorsed efforts to “provide clear strategic policy signals and frameworks” to target this objective. The question to what extent central banks can and
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