First, should there be a need for policy intervention measures need to be admittedly intrusive, going well beyond the new capital and liquidity regulatory framework. Secondly, the macroprudential tool-kit that has been legislated – including the one entrusted to the ECB/SSM – is centered on banks. Instruments would need to address other financial activities and institutions, notably those pertaining to the shadow banking sector.
The same technologies that led to the emergence of a fintech sector after the 2008 financial crisis can make it possible to gather and process sustainability-related information. But it is not enough to establish a data universe. To unlock its potential, stakeholders need easy access.