We highlight three own goals of failed internationalization:
1. Non-existent euro value chains locked the EU into disastrous dollar denominated fossil fuel imports
2. Wavering and weak ECB swap line policies (limited, conditional, unattractive)
3. That rare beast “a euro denominated safe asset”

📢 We urge the #ECB to rethink its #climate and nature approach and support the green transition.

Read our open letter for more information.

This new roadmap should:

☑️ Introduce green lending facilities,

☑️ Implement climate criteria in its collateral framework,

☑️ Tilt the stock of securities in the remaining asset purchase portfolios.

4/5

Maintaining our #FossilFuel dependency leaves us vulnerable to future price shocks, as seen with the high inflation in recent years.

➡️ With 40 civil society organizations, we urge the ECB Governing Council to deliver an improved Climate Roadmap when concluding this year’s strategy assessment.

3/5

As the #ECB has repeated, a faster and orderly transition is essential for price and financial stability.

Indeed, as #climate change and nature degradation intensify, so will their impact on monetary policy and the whole financial system.

2/5