Upgrading Housing: the Potential and Limits of Borrower-Based Measures
Pierre Monnin,
Ádám Banai,
Kristīna Bojāre,
Ján Klacso,
Reiner Martin and
János Szakács | 3 March 2026
Monetary,
Discussion Notes | Tags:
Credit Risk,
Energy,
Financial Stability,
Housing,
Macroprudential Policy This paper explores how borrower-based measures (BBMs) can be adjusted to provide additional funding for housing-related energy-efficiency investments without compromising financial stability objectives.
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Unlocking Doors to Better Homes: Smarter Borrower Limits for Housing Upgrades Across Europe
Reiner Martin and
Pierre Monnin | 15 October 2025
Monetary,
Blog | Tags:
Credit Risk,
Energy,
Financial Stability,
Housing,
Macroprudential Policy Upgrading the energy efficiency of Europe’s homes is a cornerstone of the European Union’s strategy to achieve climate neutrality. Buildings account for about a third of the EU’s energy-related greenhouse gas emissions, making them one of the largest contributors to climate change.
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Central Banks and Climate Change
Alexander Barkawi | 21 February 2020
Monetary,
Blog | Tags:
Central Banks,
Climate Change,
Credit Risk,
Governing Finance Central banks must supplement their risk processes to reflect climate risks. This is neither a conflict of objectives nor an overburdening of their mandate, but a fiduciary duty.
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Shifting Gears: Integrating Climate Risks in Monetary Policy Operations
Pierre Monnin | 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
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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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