Climate change and the mandate of the ECB: Potential and limits of monetary 
contribution to European green policies

Zilioli, Chiara; Ioannidis, Michael

doi:10.54648/cola2022029

Item

ITEM ACTIONSEXPORT

Add to Basket

Local TagsRelease HistoryDetailsSummary

Released

Journal Article

Climate change and the mandate of the ECB: Potential and limits of monetary contribution to European green policies

MPS-Authors

/persons/resource/persons236811

Ioannidis, Michael
Max Planck Institute for Comparative Public Law and International Law, Max Planck Society;

External Resource

https://doi.org/10.54648/cola2022029
(Publisher version)

Fulltext (restricted access)

There are currently no full texts shared for your IP range.

Fulltext (public)

There are no public fulltexts stored in PuRe

Supplementary Material (public)

There is no public supplementary material available

Citation

Zilioli, C., & Ioannidis, M. (2022). Climate change and the mandate of the ECB: Potential and limits of monetary contribution to European green policies. Common Market Law Review, 59(2), 363-394. doi:10.54648/cola2022029.

Cite as: https://hdl.handle.net/21.11116/0000-000E-91D6-C

Abstract

The ECB’s mandate regarding climate change is being actively debated. According to some, the ECB’s mandate excludes any climate-related role, while others argue for a broad responsibility of the ECB in this context. This article argues for a middle way: under certain conditions, the ECB should take climate change into account and act accordingly while pursuing its objectives. EU law and the overall constitutional structure of the Union also provide limits as to how much the ECB can do in this field. This article focuses on the interpretation of the secondary objective of the ECB, according to which the ECB shall support the general economic policies in the Union with a view to contributing to the achievement of the Union’s objectives. This argues that this objective might lend support to ECB measures with an environmental dimension, but it only establishes a contributory power: the ECB cannot make its own environmental policies.