Moreover, we should only use ratings that adequately and transparently reﬂect climate-related ﬁnancial risks. [14] In the end, these two measures could change the composition of our monetary policy portfolios – always under the premise that those bond holdings are needed for price stability.
Against the backdrop of supportive external and internal economic conditions, the most recent Eurosystem staff macroeconomic projections foresee average annual real GDP growth in the euro area in a range of between 2.3% and 2.9% this year, and between 1.8% and 2.8% in 2008. The risks surrounding this favourable outlook for growth are broadly balanced over the short term.