Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/324953 
Authors: 
Year of Publication: 
2024
Citation: 
[Journal:] Credit and Capital Markets – Kredit und Kapital [ISSN:] 2199-1235 [Volume:] 57 [Issue:] 1/4 [Year:] 2024 [Pages:] 7-29
Publisher: 
Duncker & Humblot, Berlin
Abstract: 
This article reviews the discussion with respect to a justification of a non-neutral monetary policy and analyses design options for such a policy. The analysis is limited to refinancing operations and minimum reserve policy. Monetary policy with a green bias, while being controversially discussed, is meanwhile widely accepted and partly realised by the ECB. With respect to sustainability in a broader sense, however, the ECB could - and should - do more. In this context, two proposals are presented as to how - in line with the mandate and the statute of the European System of Central Banks - a non-neutral monetary policy towards sustainability could be designed.
Subjects: 
Monetary Policy
Euro Area
Refinancing Operations
Minimum Reserve Policy
Sustainability
JEL: 
E52
E58
Q01
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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