We could also examine whether taking climate-related financial risks into account in the ratings is suitable as a criterion when it comes to buying securities or accepting collateral for monetary policy refinancing operations. A criterion like this would enable us to foster comparable standards at rating agencies and banks.
It is true that the cause of the financial crisis has many dimensions – which we still need to study carefully. But a key issue has been loose regulation and supervision, opaqueness of financial products and practices, massive mispricing of risk and a distorted allocation of resources.