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.