The obsession green it also infected the ECB and this is not a passing situation. The institute has been pursuing hyper-green policies for some time, but now it has made a significant leap in quality, speaking openly of the blame of heat waves on inflation and the effects of climate change on price trends. Speaking at the “Green Swan 2024” conference – organized by the Bank for International Settlements on the impact of climate change on the economy and monetary policy – the president of the European Central Bank Christine Lagarde serafica stated: “Moderate heat waves lead to higher inflation in advanced economies, with higher food prices, while very strong heat waves reduce inflation, as measured by the consumer price index (CPI), by 0.6 percentage points after two years. There is a negative effect on demand.” Obviously no word on green inflation – so-called greenflation.
Banks were forced to adapt to green diktats and Villeroy de Galhau remarked that the number of banks that respect the rules has gone from 25 to 80 percent. Lagarde’s ECB has not spared threats, announcing in recent months possible sanctions against institutions that are not attentive to climate risks. The Bank’s supervisors have asked institutions to adapt to expectations according to a rather rigorous roadmap, which includes the inclusion of climate risks in governance and risk management. A fixation that confirms the woke turn of the ECB and Lagarde, already widely confirmed by the recent establishment of the Center on Climate Change, created to “define and orient our climate agenda, bringing together the work and skills of different areas”. In short, they give the Eurotower the numbers, but let’s not talk about the Eurozone data…
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