Program: Monetary

Central Banks and the G20 Agenda. Ensuring Policy Coherence

and | 21 March 2019
Blog, Monetary | Tags: Central Banks, G20, Governing Finance
The G20 has come a long way in pulling economies back from the brink. Yet, a lot remains to be done in its pursuit of inclusive and sustainable growth. Productivity growth is sluggish, unemployment remains well above pre-crisis levels, inequality is hitting record highs, and ... continue reading

Changing Landscapes for Central Banks and Financial Regulators

| 14 March 2019
Discussion Notes, Monetary | Tags: Central Banks, Governing Finance
This discussion note is an extended version of the introductory comments shared by the author at a CEP roundtable on “Governing Finance and Sustainability” in January 2019. It addresses in order the four issues raised in the convening’s agenda. First, what are the historical origins ... continue reading

Green Money Without Inflation

| 7 March 2019
Blog, Monetary | Tags: Environment, European Central Bank, Inflation, Quantitative Easing
To what extent can the money created by the central bank be used to finance investments in the environment? This is a question that is often asked today. The green activists respond with enthusiasm that the central bank, and in particular the European Central Bank ... 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

Integrating Climate Risks into Credit Risk Assessment: Current Methodologies and the Case of Central Banks Corporate Bond Purchases

| 21 December 2018
Discussion Notes, Monetary | 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 ... continue reading