Certainly, monetary policy would become more effective if other euro area policy areas did more to generate stable and sustainable growth, embedded in a credible set of rules. The first set of measures should therefore create the conditions for sustainable growth in the respective Member States. This starts by enforcing the commonly agreed fiscal rules, using exsiting fiscal space .
These tools include well-defined metrics, indicators, standards, appropriate disclosure practices, and financial institutions' access to information concerning biodiversity, ecosystem, and environmental services. This task is more challenging. It requires additional efforts, given that the loss of diversity lacks of specific metric or objective as clear as in the case of climate change.