New ECB chief is unlikely to be able to immediately make proactive strides towards her environmental objectives
European Central Bank president Christine Lagarde. Picture: AFP/ODD ANDERSEN
It means the Frenchwoman, who holds her first policy meeting on Thursday, faces the risk of disappointing a chunk of the public at a time when climate issues are high on the global agenda. Her plans for a strategic review have built up expectations that the ECB will consider using its huge presence in debt markets to boost the growth of green bonds that fund environmentally friendly projects.
“If governments, on whose behalf central banks ultimately operate, if they can agree to anti-climate change policies, which essentially are a set of taxes, then there’s no need for central banks to do anything.” That is controversial for many policymakers though. The central bank has attached great importance to neutrality to avoid accusations of making judgments that are best left to elected governments. It means holding green bonds in proportion to the market as a whole, a ratio most estimates put well below 5%.
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