That is why, in the ﬁeld of climate protection, we should take care that the lines of responsibility separating central banks and politicians do not get blurred. Central banks, too, can make an important contribution in this context. Climate protection is undoubtedly one of the most pressing tasks of our time, and time is of the essence here.
The scope of the public health crisis is unparalleled in our lifetimes, and the economic fallout is not something even the worst-case scenarios in our stress tests could have predicted. It has exposed vulnerabilities at both the micro and macro levels.