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Beatriz Sotomayor
- 21 September 2021
- OCCASIONAL PAPER SERIES - No. 271Details
- Abstract
- This paper analyses the implications of climate change for the conduct of monetary policy in the euro area. It first investigates macroeconomic and financial risks stemming from climate change and from policies aimed at climate mitigation and adaptation, as well as the regulatory and fiscal effects of reducing carbon emissions. In this context, it assesses the need to adapt macroeconomic models and the Eurosystem/ECB staff economic projections underlying the monetary policy decisions. It further considers the implications of climate change for the conduct of monetary policy, in particular the implications for the transmission of monetary policy, the natural rate of interest and the correct identification of shocks. Model simulations using the ECB’s New Area-Wide Model (NAWM) illustrate how the interactions of climate change, financial and fiscal fragilities could significantly restrict the ability of monetary policy to respond to standard business cycle fluctuations. The paper concludes with an analysis of a set of potential monetary policy measures to address climate risks, insofar as they are in line with the ECB’s mandate.
- JEL Code
- E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
- 29 November 2018
- FINANCIAL STABILITY REVIEW - BOXFinancial Stability Review Issue 2, 2018Details
- Abstract
- Global and European regulation is progressively introducing the requirement for banks to have sufficient loss-absorption and recapitalisation capacity, extending beyond equity capital. From 2019 onwards, G-SIBs need to have a minimum volume of total loss-absorbing capacity (TLAC), while all banks in the EU are being progressively informed about their bank-specific minimum requirements for own funds and eligible liabilities (MREL), subject to individual transitional periods. Against this background, this box presents developments in euro area bank bond issuance and spreads over the past years and discusses possible financial stability implications.