“If Something Cannot Go on Forever, It Will Stop“
William White | 1 April 2021
Fiscal,
Monetary,
Policy Briefs | Tags:
Covid-19,
Debt,
Democracy,
Environment,
Financial Stability,
Health Systems,
Inequality,
International Cooperation,
Resilience
“If something cannot go on forever, it will stop.” This famous observation was made by Herb Stein, Senior Fellow at the American Enterprise Institute. It became famous largely because it was just that, obvious. Yet, what is no less obvious is that public policy is
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Monetary Policy Operations and Financial Regulation to Green the Financial System
22 February, 2021 18.00 CET | Online
Monetary,
Panel | Tags:
Asset Purchases,
Financial Regulation,
Monetary Policy Operations,
Targeted Refinancing Lines
The panel discussion will explore policy options – large-scale asset purchases, long-term refinancing operations, collateral framework and prudential regulation – to green the financial system, as well as debate their feasibility and effectiveness.
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The Case for Climate Objectives in Central Banks’ Targeted Refinancing Operations
Chiara Colesanti Senni | 12 February 2021
Monetary,
Blog | Tags:
Central Banks,
Climate Risk,
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
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Strengthening Climate Risk Metrics – A Roadmap for 2021
23 February 2021 | Online | By Invitation
Monetary,
Roundtables | Tags:
Central Banks,
Climate Risk,
Financial Supervision,
Monetary Policy Operations,
Risk Metrics
Climate risks are financial risks. As such they must be incorporated into all investment decisions, including those by banks, investors and asset managers. They must also become an integral part of central banks’ monetary policy operations, as well as of financial supervision – both on
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Climate Financial Risks: Assessing Convergence, Exploring Diversity
Julia Anna Bingler,
Chiara Colesanti Senni and
Pierre Monnin | 9 December 2020
Monetary,
Discussion Notes | 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
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Central Banks and Inequality – COVID-19 and Beyond
7, 11 and 14 December, 2020 | Online
Monetary,
Panel | Tags:
Central Banks,
Financial Regulation,
Inequality
A three-part series on “Central Banking and Inequality—COVID-19 and Beyond.” The three discussions will cover the link between inequality and financial regulation, financial market infrastructure, and monetary policy.
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Central Banks Must Upgrade Their Risk Management
Pierre Monnin | 23 November 2020
Monetary,
Blog | Tags:
Central Banks,
Climate Change,
Climate Risk
The COVID-19 crisis is a stark reminder of how sharply asset values can shift. Amid a crashing demand for oil and gas, giant energy companies like BP, Chevron and Shell massively wrote down the value of their assets. And those that did not, like Exxon,
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Coming Back Stronger – Governing Finance in Switzerland
30 November 2020 | Online | By Invitation
Monetary,
Roundtables | Tags:
Central Banks,
Financial Regulation,
Governing Finance,
Switzerland
Finance impacts all aspects of our lives, from our economies to social cohesion to the ecological systems we depend on for our very survival. As a result, the implications of how we choose to govern finance are fundamental, and ultimately existential.
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Central Bank Market Neutrality is a Myth
Chiara Colesanti Senni and
Pierre Monnin | 16 October 2020
Monetary,
Blog | 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
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Central Banks Must Heed Their Own Warnings on Climate Risks
Alexander Barkawi | 13 October 2020
Monetary,
Blog | Tags:
Asset Purchases,
Central Banks,
Climate Risk,
Collateral Frameworks
The Central Banks and Supervisors Network for Greening the Financial System (NGFS), a group of more than 70 central banks and financial supervisors across the globe, has repeatedly highlighted that climate risks are financial risks. Its members have also continuously put a spotlight on the
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