But this would have required a more accommodative monetary policy, as recommended by the IMF, going as far as QE, which should have been running from 2010 rather than from 2015. Finally, we may have sat on the fence for slightly too long with regard to climate change, even if that is not our core task.
Other central banks, such as the Bank of England, became aware of it earlier than we did. For one, climate change needs to be integrated into financial sector supervision, taking into account the risks it poses for certain sectors of activity and financial securities, and we need to reflect on its consequences for monetary policy.