The ECB will make a big splash about climate change when it concludes its monetary strategy review this autumn. In practice, it is likely to make progress in addressing climate-related risks in the banking sector. The Bank may also announce some steps towards “green QE”, but that is easier said than done and comes with many risks, so we think progress will be slow. That said, the ECB’s willingness to consider a form of directed credit could be a sign of things to come.
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