Off The Wire
ECB can't fight climate change, must deal with effect: ECB's Coeure
FRANKFURT (Reuters) - The European Central Bank should not be at the forefront of fighting climate change but must deal with its effects, such as lower demand for some cars, ECB board member Benoit Coeure said on Thursday.
“Central banks cannot be at the forefront in fighting climate change,” Coeure said in Paris. “This is and should remain a political task. But they can help within their mandates.”
He added monetary policy can fight weakness in demand but it was not the right tool to address changing consumer preferences, such as a switch away from fossil fuel-driven cars.
Reporting by Balazs Koranyi; Editing by Francesco Canepa