[11] In summary, our monetary policy response to the pandemic is not only highly effective in supporting financial conditions, but is also providing crucial support to the real economy and has averted the most severe tail risks.
Moving carbon-intensive industries towards a low carbon future is at the heart of the transformation. The real economy – small and medium-sized enterprises as well as large multinational companies – need to be the engine driving the green transformation. To decarbonise our economies we need climate-neutral innovations. Sustainable aviation fuels are just one example here.