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The EU Treaties provide vital policy space for us at the ECB to tackle climate change. They tell us what we are required to do, what we could do and where the limits are to address future challenges. This is what I argue in my first ECB blog post https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210213~7e26af8606.en.html 1/5
Climate issues lie at the heart of our mandateAddressing climate issues can be part of our primary mandate to keep prices stable. Why? Climate change can directly affect inflation, for example by increasing food, electricity or petrol prices 2/5
Our support is a duty, not an optionWe at the ECB are obliged to support the economic policies of the European Union, including that of sustainable development in Europe. As with all institutions, our policies must reflect the EU’s environmental objectives and policies 3/5
Our primary mandate remains price stabilityWe must contribute to success of climate change policies, but cannot make policies ourselves. Our actions need to be proportional and must not undermine our mandate. And we need to respect the competences of other EU institutions 4/5
My ECB blog post was also published in a number of newspapers today. See for more: @faznet @DomaniGiornale @larazon_es @FD_Nieuws @philenewscy @ta_nea @tijd @lesoir @observadorpt @DelfiLV @TheTimesofMalta 5/5
