The European Central Bank should take climate change into account in the way it ...
FILE PHOTO: Governor of the Bank of France Francois Villeroy de Galhau delivers a speech to open a conference entitled"Bretton Woods: 75 years later" in Paris, France, July 16, 2019. REUTERS/Philippe Wojazer
PARIS - The European Central Bank should take climate change into account in the way it runs monetary policy, ECB policymaker Francois Villeroy de Galhau said on Wednesday, backing a suggestion from its incoming chief. Christine Lagarde, who is due to take over from ECB President Mario Draghi on Nov. 1, told the European Parliament earlier this month that new challenges like climate change warranted a deep dive into how policy is conducted.
“We should, as Christine Lagarde said at the European Parliament, take climate change into account in monetary policy,” Villeroy, who is also head of the French central bank, said in a speech at Paris’ Sciences Po university. In London on Tuesday, Villeroy poured cold water on calls for a climate change-focused quantitative easing programme, saying such a move would heavily distort the green bond market.
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