While we are still far away from a green bubble, institutions do tell us that green projects have become more and more expensive, as competition has increased with more and more institutions essentially bidding for the same projects. A second risk we see is green washing. Do investors and consumers know what green is, when they’re buying green?
Now that we have a monetary union, there has been discussion about the role of national central banks in the euro area, including some questions about their ongoing relevance. Clearly you regard us as relevant or you would not have invited me to speak!