First, the ECB will significantly enhance its analytical and macroeconomic modelling capacities and develop statistical indicators to foster the understanding of the macroeconomic impact of climate change and carbon transition policies.
In particular, the ECB will accelerate the development of new models and will conduct theoretical and empirical analyses to  monitor the implications of climate change and related policies for the economy, the financial system and the transmission of monetary policy through financial markets and the banking system to households and firms.