While this September brings signs of renewed growth around the globe, the recovery is in its earliest stages and almost entirely driven by public policy. Over the medium term, a difficult hand-off from public- to private-led growth must occur. Over the longer term, the economic environment will be challenging as the global economy undergoes a fundamental restructuring.
As part of a broad-based societal endeavour to combat climate change, the ECB has an obligation to consider how it can contribute to this collective effort within the limitations imposed by the Treaties. One possible avenue for action is to incorporate sustainability criteria into the implementation of our private sector asset purchases.