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Rising inflation complicates the alignment of the ECB’s policies with the Paris Agreement. This paper provides novel evidence for inflationary pressures arising from natural disasters. We then discuss the effectiveness of monetary instruments to boost a green transition, concluding that the scope of policy measures used thus far is limited. As additional measures, we advise active rebalancing of the ECB’s bond holdings towards greener issuers, enforcing stricter disclosure standards, and differentiating ...

Europäische grüne Anleihen

Auf einen Blick 27-09-2023

Die Kommission hat im Juli 2021 eine Verordnung über einen europäischen Standard für grüne Anleihen vorgeschlagen, um Klima- und Umweltprojekte zu unterstützen. Dadurch würde ein offizieller EU-Standard geschaffen, der auf die EU-Taxonomie abgestimmt wäre und auf einem Registrierungssystem und einem Aufsichtsrahmen für externe Bewerter beruhen würde. Auf der Oktober-I-Plenartagung soll über die vorläufige politische Einigung, die zwischen dem Europäischen Parlament und dem Rat erzielt wurde, abgestimmt ...

Quantitative tightening in homeopathic doses

Eingehende Analyse 15-03-2023

The ECB is now planning to run down its vast bond holdings acquired under the asset purchase programme ----- a ‘‘quantitative tightening’’. However, the ECB is not contemplating selling any bonds, only not reinvesting part of what is coming due. Under this approach, the continuing expansionary effect of keeping vast holdings remains large and is likely to complicate the fight against inflation. The ECB currently has two, fungible, policy instruments (policy rates and balance sheet operations), which ...

ECB stepping on the brake(s)

Studie 15-03-2023

Confronted with a historic inflation surge, the ECB steps on the brake(s). While interest rate hikes are its primary tool, unconventional tools are also adjusted to strengthen the brake intensity. Quantitative tightening will reduce the stock of bonds in a slow process. The change from a scarce to an abundant reserve system will prevail. In contrast to previous monetary tightening cycles, in an abundant reserve system huge interest expenses result in central bank losses and fiscal costs for the coming ...

QT in the euro area

Eingehende Analyse 15-03-2023

The Eurosystem is now reducing its bond holdings. Provided this is carried out in a measured way, it should not have a big impact on financial conditions or cause financial instability. The reduction is the correct policy because of legal problems with the Eurosystem owning so many sovereign bonds and because it provides space to implement the Transmission Protection Instrument (TPI) effectively. On the costs of operating a large balance sheet, the ECB should re-introduce its tiering system for compensation ...

While greater inflation may have led to some positive “first-round” effects for banks, several negative “second-round” impacts may occur, including: i) an increase in credit risk, affecting both families and companies, especially “heavy energy users”; ii) a drop in the value of fixed-rate assets held by lenders, including sovereign bonds; iii) liquidity pressures due to the ECB’s recent decision to increase the cost of its outstanding 3-year facilities and to greater competition for retail deposits ...

This briefing presents in a tabular manner the EU issuance of bonds and bills to finance the Next Generation EU, notably the Recovery and Resilience Facility.

This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 26 September 2022.

Der schnell wachsende Markt grüner Anleihen in der EU ist noch nicht harmonisiert. Bislang gibt es lediglich private Standards. Im Juli 2021 veröffentlichte die Kommission einen Vorschlag für eine Verordnung über die europäischen grünen Anleihen (EuGBR-Vorschlag) . Der Vorschlag ist Teil einer umfassenderen EU-Gesetzgebung, die sich auf nachhaltige Finanzierung konzentriert und in der Annahme der Taxonomie-Verordnung und der Verordnung über nachhaltigkeitsbezogene Offenlegungspflichten mündete. ...

Green bonds are committed to financing or re-financing investments, projects, expenditure or assets helping to address climate and environmental issues. Both governments and companies use them to finance the transition to a more sustainable and low-carbon economy. Since the EIB inaugurated the green bond market in 2007 with its Climate Awareness Bond, the market has grown very fast, but it still represents only about 3 to 3.5 % of overall bond issuance. The green bond market needs to grow more quickly ...