This book analyses the new strategic decisions of the European Central Bank. Contributors from different fields examine especially the sustainability strategy of the ECB: What role can the European Central Bank play in fighting climate change? ECB President Christine Lagarde has repeatedly confirmed that the central bank wants to play a role in coping with climate change. What will this role be? What instruments does the ECB have to make a difference in challenges such as the defossilization of the economy and transport, biodiversity, the energy transition, resource consumption and other sustainability areas? Is it entitled or obliged to go beyond the classic mandate of maintaining price stability?
The volume includes contributions from academics and practitioners from the financial sector, civil society and institutions involved at European level.
Author(s): Harald J. Bolsinger, Johannes Hoffmann, Bernd Villhauer
Publisher: Springer
Year: 2023
Language: English
Pages: 135
City: Cham
Foreword
Contents
About the Editors
From ``Climate Finance´´ to ``Climate Finance Society´´ to a Culture of Sustainability: Changing Perspectives on the ECB´s New...
References
Sustainable Finance: What Has Happened-What Needs to Happen?
1 I Will Start with an Anecdote
2 What Has Happened in the Financial Industry So Far?
3 What Needs to Happen?
The New Sustainability Strategy of the ECB
1 The Role of the ECB in the Climate Crisis
2 Monetary Policy
3 Banks
4 Administrative Action and Our Own Financial Investment
5 Summary
Independently Green? An Integrated Strategy for a Transformative ECB
1 Introduction
2 The Strategy Review: A Critical Look
3 Context and Constant Struggles: Transformative Central Banking
3.1 Steps Toward a Sustainable and Transformative ECB
4 Conclusion
Appendix
References
Credibility in the Financial Market: A Practical Perspective
1 Introduction: Credibility Is Priceless
2 About Credibility
3 What Is the Credibility of a Financial Service Provider?
3.1 Focus on Core Mission and Core Competence (Expertness)
3.2 Honest and Clear Communication of the Service Offer (Trustworthiness)
3.3 Alignment of the Range of Services with the Needs of the Customer (Expertness)
3.4 Fair Prices (Fairness)
3.5 Compliance with Legal Requirements and Framework Conditions (Trustworthiness)
4 What About the Credibility of Financial Service Providers in Practice?
4.1 Focus on Core Mission and Core Competence (Expertness)
4.1.1 Positive
4.1.2 Negative
4.2 Honest and Clear Communication of the Service Offer (Trustworthiness)
4.2.1 Positive
4.2.2 Negative
4.3 Alignment of the Range of Services with the Needs of the Customer (Expertness)
4.3.1 Positive
4.3.2 Negative
4.4 Fair Prices (Fairness)
4.4.1 Positive
4.4.2 Negative
4.5 Compliance with Legal Requirements and Framework Conditions (Trustworthiness)
4.5.1 Positive
4.5.2 Negative
5 New Approaches Are Needed!
5.1 Focus on Core Mission and Core Competence (Expertness)
5.2 Honest and Clear Communication of the Service Offer (Trustworthiness)
5.3 Alignment of the Range of Services with the Needs of the Customer (Expertness)
5.4 Fair Prices (Fairness)
5.5 Compliance with Legal Requirements and Framework Conditions (Trustworthiness)
6 Summary and Outlook
6.1 Credibility Is also Elementary for State Institutions and Their Leaders
References
Fundamental Rights in the Core Business of the ECB: Still No Issue
1 The EU Petition 429/2017
1.1 Healing Eurosystem´s Ethical Blindness
1.2 The Petition in a Nutshell
2 Moving on with the Newly Staffed EU Committees
2.1 Experiences with the Committee on Petitions
2.2 Experiences with the Committee on Economic and Monetary Affairs
2.3 Experiences with the European Commission
3 Additional Activities for and by the ECB
4 An Interim Conclusion
5 On the Agenda Again
5.1 Discussing the Status Quo
5.2 Again: Waiting for Action
6 Questions and Outlook
References
Web Links
Video Sources
What to Do with Modern Money Theory (MMT)?
1 Introduction
2 MMT and the Public
3 MMT and Policy Makers
4 MMT and Academics (Noneconomists)
5 MMT and Economists
6 MMT and Central Bankers
7 MMT and Economics Students
8 Conclusion
References
The Role of the EU Taxonomy
1 Historical Background
2 The Question of Market Neutrality
3 Figures and Norms: Example Stress Test
4 Impact of Taxonomy
References
