To this end, it is legitimate to expect securities issuers and rating agencies to provide better information. [13] In my view, the Eurosystem should consider only purchasing securities or accepting them as collateral for monetary policy purposes if their issuers meet certain climate-related reporting obligations.
The prevailing thinking was wellcaptured by Nobel laureate Robert Mundell, who developed his theory on optimum currency areas in the belief that, and I quote, 3/6  BIS central bankers' speeches  “I could not see why countries that were in the process of forming a common market should saddle themselves with a new barrier to trade in the form of uncertainty about exchange rates.”5 Hence, it was inevitable that the single market would be buttressed by some form of fixed exchange rate regime.