Here, it was mainly shortcomings in the framework of monetary union that laid the ground for the crisis. In order to understand these shortcomings, it is important to know the particular features of monetary union. The European monetary union is special because it combines a single monetary policy with national fiscal policies.
5  product-based exclusions of the United Nations Global Compact.27 We overweight those with the best ESG profiles, based on an external provider’s ratings.28 In 2019, after the ESG strategy had been introduced, the carbon footprint of our equity portfolio dropped by 30 per cent compared with the previous year.