Rexroth, Gregor Laudage: Grüne Geldpolitik

What role should central banks play in addressing the climate crisis? Is it sufficient for them to take due account of the effects of physical climate change, as well as the diverse responses of governments and market participants, in their actions? Or should they go further and proactively support the transition to a low-carbon economy? Gregor Laudage examines the role of the European Central Bank (ECB) in the climate crisis through the lens of the multifaceted concept of a ‘green‘ monetary policy. He first explores the concepts and ideas that may underlie a ‘green‘ monetary policy and assesses the extent to which the ECB engages in such policies. Furthermore, he analyses the key legal framework governing the ECB‘s monetary policy and demonstrates how a green monetary policy could be implemented within this framework in its various forms, as well as the primary-law limitations it faces. Particular attention is given to both the ECB‘s existing and its announced measures.