However, as the relatively firm aggregate income formation may lack momentum somewhat due to the reason that I already mentioned, a scenario in which a virtuous economic cycle from income to spending will pick up steam does not seem to be so persuasive.
Integrating green capital markets could play a part in addressing two of the wider challenges we face today. First, we face the challenge of making our monetary union more resilient to cyclical shocks. To achieve this, we must do better at reducing risks, and also at sharing risks across countries.