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AbstractAbstract
[en] By including 'environmental sustainability' in the strategic review launched in early 2020, the European Central Bank (ECB) signalled that it was taking seriously calls to integrate monetary policy into the fight against climate change and, more broadly, against the ecological crisis threatening our societies and economies. In this note, Jezabel Couppey-Soubeyran offers an overview of the options available for greening monetary policy, making environmental sustainability a genuine objective of the European Central Bank. On the one hand, 'light green' options: these consist in greening the conditions for access to liquidity and asset purchases by the ECB and are all feasible within the current institutional framework or in keeping with its ethos. On the other hand, the bright green option: this would be part of a green policy mix, and would enable the financing of the ecological transition by the central bank in a way that does not fuel debt and safeguards financial stability. This is the option that requires the most institutional change, but is arguably the one that would most advance the ecological transition
[fr]
En inscrivant la 'soutenabilite environnementale' dans la revision strategique lancee debut 2020, la Banque centrale europeenne (BCE) a signale qu'elle prenait au serieux les appels pour integrer la politique monetaire dans la lutte contre le changement climatique, et plus largement contre la crise ecologique qui menace nos societes et nos economies. Jezabel Couppey-Soubeyran propose ici un tour d'horizon des options possibles pour verdir la politique monetaire, en faisant de la soutenabilite environnementale un objectif a part entiere de la Banque centrale europeenne. D'un cote des options 'vert clair': celles-ci consistent a verdir les conditions d'acces a la liquidite et les achats d'actifs realises par la BCE et sont toutes realisables dans le cadre institutionnel actuel ou en restant fideles a son esprit. De l'autre, l'option vert vif: celle-ci s'inscrirait dans un policy-mix vert, et assurerait un financement de transition ecologique par la banque centrale sans alimenter la dette et en preservant la stabilite financiere. C'est l'option exigeant le plus de changements sur le plan institutionnel, mais sans doute celle qui ferait le plus avancer la transition ecologiqueOriginal Title
Le role de la politique monetaire dans la transition ecologique: un tour d'horizon des differentes options de verdissement - La BCE a l'heure des decisions (2/2)
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Dec 2020; 64 p; Available from the INIS Liaison Officer for France, see the INIS website for current contact and E-mail addresses
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Miscellaneous
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