The open question is whether sustained expansion in an environment of high debt levels and rising inflation could live up to the hopes of those that argue for a ‘jobs’ mandate for monetary policy. The short answer is ‘no’, but let me explain why. 4  Our basic problem is that while growth creates job, inflation does not.
Second, when central banks respond to climate change issues, they have to respond in line with their mandates. In the context of climate-related financial risks, any response must be considered in line with the central bank's responsibility to ensure the stability of the financial system.