Research Archive

Two people wearing pink overalls and protective caps, examining solar panels in a factory
Research| November 21, 2023

Low Carbon Allocation in the Implementation of Monetary Policy

This paper reviews monetary and macroprudential tools, such as targeted green refinancing, that the ECB can use to speed up the green transition while maintaining price stability.

Written by European Parliament
Flooding in a street in Steyr, Austria.
Research| October 12, 2023

How Climate Change Affects Potential Output

Climate change and the actions taken to tackle it will cause structural changes to the economy with “profound effects” on potential output, says this ECB report.

Written by European Central Bank
Research| October 11, 2023

Green ECB Speeches Matter

The ECB’s green speeches have a “substantial and statistically significant impact” on stock returns and can be used to further green goals, finds this paper by senior officials at Hungary’s central bank.

Written by Magyar Nemzeti Bank
Large ocean waves crashing against a row of houses
Research| September 4, 2023

Climate Change and Sovereign Risk

Climate change creates substantial sovereign credit risks which should be reflected in banks’ capital provisions and central banks’ prudential policy and risk management.

Written by European Central Bank
Smoke pouring from the tops of two tall industrial chinmeys
Research| August 7, 2023

Carbon Trade-offs

How Firms Respond to Emission Controls

ECB researchers study how firms can maximise value for shareholders under carbon pricing regimes and find that carbon regulation can have a positive impact if companies become ‘net cleansers’.

Written by European Central Bank
A row of flagpoles bearing EU flags in front of a large office building.
Research| July 10, 2023

Structural Changes in Energy Markets and Price Implications

Effects of the Recent Energy Crisis and Perspectives of the Green Transition

The 2021-22 energy crisis was driven by record-breaking rises in wholesale gas prices and this paper discusses lessons that financial regulators can learn regarding price implications of the transition.

Written by European Central Bank
A sign displaying prices for unleaded petrol and diesel
Research| June 29, 2023

Options for the ECB to Neutralise the Negative Effects of Its Monetary Policy for the European Energy Transition

As volatile fossil fuel prices drive inflation, the Sustainable Finance Lab says the ECB should adopt dual interest rates for green projects or risk exacerbating price instability.

Written by Sustainable Finance Lab
Smoke pouring from the tops of two tall industrial chinmeys
Research| June 20, 2023

The CO2 Content of the TRLTRO III Scheme and Its Greening

Researchers explore how to design green targeted longer-term refinancing operations that address the “carbon bias” of ECB refinancing schemes and support price stability.

Written by LSE Grantham Institute
Flooding in Valkenburg aan de Geul, Netherlands in July 2021
Research| June 7, 2023

Policy Options to Reduce the Climate Insurance Protection Gap

Reducing the climate insurance gap is key to curbing the economic losses caused by climate catastrophes but only 25% of losses are insured in the EU, according to this report.

Written by European Central Bank
An olive tree burns from the inside, patches of smouldering orange embers visible through the trunk
Research| May 16, 2023

The Asymmetric Effects of Weather Shocks on Euro Area Inflation

Weather shocks have asymmetric and non-linear impacts on inflation in the eurozone that introduce significant price volatility, according to research from the European Central Bank.

Written by European Central Bank
The European Central Bank in Frankfurt, Germany
Research| April 17, 2023

How Green is Our Balance Sheet?

The ECB says climate disclosures show that its investment strategy is “bearing fruit” on decarbonisation, but that ambitious action is needed as monetary policy tightening reduces its opportunities to tilt its portfolio.

Written by European Central Bank

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