As the ECB’s 2021 Monetary Policy Strategy Review sets out, climate change and policies to reduce emissions have an impact on in ation and growth – in other words they are part of our knitting - so we need to account for these risks in our policy choices.2  But it is not just central banks.
The project, which will start on 1 November, will be implemented jointly by the ECB and nine national central banks (NCBs) of the euro area (the central banks of Austria, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal and Spain) on the basis of what we call a "Eurosystem approach". By "Eurosystem approach", we mean the following.