- ESG risks for credit institutions and investment firms (EBA)
- A climate stress-test of the financial system (Battiston et al, Nature climate change)
- EU Taxonomy Compass
European banks with an explicitly green or sustainable profile:
I’m trying something new. I’ve started making videos about banking, monetary policy and sustainable finance.
I’m still trying to figure out the best format. But I already like the ability to use graphs and pictures. Compared to blogging, video is less nuanced. For example, you can’t link to all sources. But maybe that’s an advantage.
Here’s the first one, let me know what you think!
A first assessment by the Banque de France.
I started this blog in 2016. I wanted to publish short pieces while I was writing Bankers are people, too and build an audience for the book.
A lot has changed since then.
In the first years, I tried to post at least once a week about topics ranging from economic history to personal finance. Currently, I write almost exclusively about banks and monetary policy. I have lost interest in faits divers such as Gamestop, lumber, dogecoin… My style has also changed. I now mainly use this blog as my personal wikipedia. Well-polished articles don’t offer enough reward for the work it takes to write them.
Looking back, what should I have done differently?
That said, I’m glad that I met new friends and found jobs thanks to this blog.
In their paper Against amnesia: re-imagining central banking, Benjamin Braun and Leah Downey describe the elite consensus on central banking as a ‘holy trinity’. This holy trinity consists of (1) an independent central bank that (2) sets the short term interest rate to (3) achieve stable prices1.
The fact that quantitative easing (QE) is still often called unconventional monetary policy speaks volumes for how deeply the holy trinity is ingrained in the minds of the community. However, more and more people are questioning this model of central banking2.
While almost nobody wants to ditch price stability, central bankers are taking on extra responsabilities based on local sensitivities. European central bankers (both at the ECB and the Bank of England) are making their institutions climate friendly. The Federal Reserve has had a dual mandate of price stability and full employment for a long time. The Reserve Bank of New Zealand will take house prices into account.
Although central banking post-holy trinity will have its own challenges, I, for one, welcome our central bank overlords.