Critics argue that the risks of climate change to price stability remain far out in the future, and that it would be highly unusual for a central bank to take pre-emptive action to shocks that have not yet materialised. Proponents, on the other hand, argue that global warming causes exceptionally large and partly irreversible changes to our economies.
Endeavoring to transfer the equivalent of 5 percent of U.S. GDP from foreign financial institutions and persons to the United States would presumably have induced changes in the prices of assets that would have proved inhibiting. *** There is, for the moment, little evidence of stress in funding U.S. current account deficits.