ASEAN Central Banks Need New Tools for New Risks
Julia Anna Bingler and
Matthew Poggi | 13 May 2026
Monetary,
Op-Eds | Tags:
ASEAN,
Central Banks,
Energy,
Systemic Risks,
Targeted Refinancing Lines Southeast Asia faces a growing exposure to novel interacting risks that drive inflation and financial instability. Under the Philippines’ leadership as 2026 ASEAN chair, there is an opportunity to strengthen the region’s response to reduce exposure to and manage the risks through the ASEAN Finance
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Hitting the Mark: Design Choices in Targeted Refinancing
Muhammad Qaisar | 17 April 2025
Monetary,
Blog | Tags:
Central Banks,
Targeted Refinancing Lines To target their objectives, central banks have a broad toolbox. Each of their instruments has impacts on a range of their goals and must be calibrated accordingly. The critical role of design choices in targeted refinancing operations is a case in point.
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China’s Structural Monetary Policy Tools: Objectives, Limitations, Unintended Consequences
Sebastian Guo | 7 November 2022
Monetary,
Policy Briefs | Tags:
Central Banks,
China,
Targeted Refinancing Lines Central bank interventions have intended and unintended structural effects. A growing number of monetary authorities are acknowledging these structural implications of monetary policy and have started addressing them more actively. In line with this development, the People’s Bank of China (PBC) has introduced a range
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A Guaranteed Win for the Climate: Sustainable Loan Guarantees and Sustainable Loan Guarantee Facilities
Andrew McConnell,
Boyan Yanovski and
Kai Lessmann | 8 February 2022
Monetary,
Blog | Tags:
Central Banks,
Climate Change,
Targeted Refinancing Lines In order to limit global warming to the levels set in the Paris agreement, an immense amount of additional investment has to be directed into sustainable technologies – a difference of between $610 billion (IEA 2020) and $2 trillion (IRENA 2020) per year as compared
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For PBOC’s New Green Lending Tool, Transparency and Verification Are Key
Sebastian Guo | 10 December 2021
Monetary,
Op-Eds | Tags:
Central Banks,
China,
Climate Change,
Targeted Refinancing Lines Global efforts to expedite the transition to a sustainable future require a significant shift in financial flows. The institutions governing finance play a vital role in achieving this objective. Central banks stand at the heart of this endeavor and are increasingly rising to the challenge.
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Aligning Central Bank Refinancing Operations with the G20 Agenda
Chiara Colesanti Senni and
Pierre Monnin | 6 October 2021
Monetary,
Policy Briefs | Tags:
Central Banks,
Climate Risk,
G20,
Targeted Refinancing Lines Since the Pittsburgh Summit in 2009, G20 leaders have repeatedly highlighted inclusive growth and environmental protection as core objectives in their joint declarations. With the widening of economic inequalities and the acceleration of climate change and biodiversity loss, their calls for action have gained further
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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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The ECB Response to COVID-19
Pierre Monnin | 27 March 2020
Monetary,
Blog | 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
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