Risk efficiency is an important dimension of the financial operations that we undertake in the pursuit of price stability, not least for the sake of our credibility. We do not pursue profit maximisation. But taxpayers and parliaments rightly expect us to use our financial resources prudently. We have to keep the risks we incur low and manage them carefully.
That is why the Bundesbank continuously analyses the climate-related financial risks to its own balance sheet as well. As part of the Eurosystem, we have taken further steps to integrate approaches to limiting such risks in our monetary policy framework. These changes cover corporate bond purchases, the collateral framework and risk management.