Moreover, analyses consistently show that if we fail to deliver on a timely and orderly transition, the macro-financial damage will be more severe than if we act in time. We are in a race against the clock, and so far the clock is winning.
Implications for the ECB The ECB takes the consequences of the ongoing climate and environmental crises into account in the pursuit of its mandate. We are mindful that if we ignore these consequences we cannot deliver on our objectives of maintaining price stability and preserving the safety and soundness of the banking system.