a column by Dirk Schoenmaker for VOX: CEPR’s Policy Portal
The ECB’s market-neutral approach to monetary policy undermines the general aim of the EU to achieve a low-carbon economy.
The column argues that steering the allocation of the Eurosystem’s assets and collateral towards low-carbon sectors would reduce the cost of capital for these sectors relative to high-carbon sectors. A modest titling approach could accelerate a transition to a low-carbon economy, and could be implemented without interfering with the priority of price stability.
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