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.
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’.
Structural Changes in Energy Markets and Price Implications
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.
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.
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.
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.
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