Speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Peterson Institute for International Economics

Washington DC, 21 April 2023

Central banks and supervisors are not climate and environmental policymakers.

Central banks and supervisors are climate and environmental policy takers.

There are a lot of climate-related and environmental factors to take into account to deliver on the mandated objectives of central banks and banking supervisors.

This is not a message that is just coming from me. It is, in fact, the global consensus among central banks and supervisors as established through the Network for Greening the Financial System, which has 121 members worldwide, including six authorities in the United States.^[1] It is acknowledged in the work programmes of global standard-setting bodies such as the International Sustainability Standards Board, the Financial Stability Board and the Basel Committee on Banking…