Paper136: Christian Calliess, Ebru Tuncel - Greening the Euro? The impact of the environmental integration clause (Art. 11 TFEU) on the European Central Bank (ECB) primary and secondary objectives
Am 28.01.2022 wurde ein englischsprachiger Beitrag von Christian Calliess und Ebru Tuncel mit dem Titel
als Berliner Online Beitrag Nr. 136 veröffentlicht.
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In their recent speeches, the European Central Bank president, Christine Lagarde, and other central bankers in the Eurozone have suggested a gradual shift in the Eurosystem’s role in addressing climate change. This is in contrast to the previously held view that climate and environmental related considerations fall squarely out of the scope of the ECB’s mandate, which is to promote and maintain price stability. This paper examines the impact of the environmental integration principle, laid down in Article 11 TFEU, on the ECB’s primary and secondary objectives. Even though Article 11 TFEU offers considerable potential to achieve a greening of the EU’s sectoral policies, in the financial sector, the provision has not yet gained enough academic attention. It is argued that in view of the growing awareness about climate change risks for price stability, the ECB could consider Article 11 TFEU as a welcome opportunity to legitimize its potential ambitions to pursue climate protection objectives within its existing mandate. It is also argued that the ECB’s primary objective to maintain price stability and objectives related to climate protection are not in conflict. This means that climate-related aspects are to be considered and integrated within the ECB’s mandate to the extent that climate change poses a threat to price stability.
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