cannot decide whether @ecb 2% tinkering is a distraction or a massive Trojan Horse for normalising targeting spreads and other innovative crisis policies
10 minutes into this press conference, and all we're debating is what happens around 2%
it's shocking that @ecb Strategy Review says nothing about fiscal-monetary interactions, when ECB has bought basically all sovvies issued by Euroarea countries since the pandemic
yes @Lagarde mentions macrofinancial linkages, but there is nothing in the text that points to the critical role that sovereign yields play in those linkages
so @ecb new climate strategy is out, and it's letting down those of us who expected an ambitious approach.
in my view, far less ambitious than Bank of England's.
1. ECB chose a 'risk framework' that emphasises risks that climate crisis poses to private finance, not the ways in which dirty lending accelerates climate crisis
ECB wastes chance to support Commission in its double materiality efforts.
private finance will be happy
2. ECB conceives transition risks - those risks to private finance from policies to address climate crisis - as entirely fiscal policy related (carbon prices)
but what about transition risks stemming from ECB decisions to decarbonise collateral & corporate bond purchases?
in a nail-biter election, Peru is about to elect Pedro Castillo, a union leader that has promised to challenge powerful economic elites and reverse some neoliberal measures benefiting them.
BlackRock Brazil head pontificating about 'gold' European ESG standard is rich when you know a little bit about EU's Sustainable Finance Disclosure Regulations
for starters, BlackRock lobbied heavily to weaken European sustainable finance agendas, from its opposition to double materiality (not just climate risks, but climate impact of carbon finance) to its 'consultancy' for the European Commission