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The climate indicator: a tool to support companies in their climate transition
[Circulation de la liquidité en zone euro : comment interpréter les positions TARGET des banques centrales ?]

Author

Listed:
  • Régis Breton
  • Thibaut Gentil
  • Sébastien Ray

Abstract

Climate change creates risks for companies and, more generally, for the economy (particularly in terms of inflation and financial stability). In this context, the Banque de France is gradually rolling out tools to support companies, providing them with a free assessment of the risks to which they are exposed. In particular, the transition climate indicator (TCI) will enable companies in the sectors that emit the most greenhouse gases to develop strategies that are in line with the Paris Agreement. They will also be able to use it as a benchmark for financing their transition. Entre 2016 et 2022, les réserves bancaires au passif des banques centrales de l’Eurosystème ont triplé, avant de diminuer progressivement. De façon remarquable, la répartition par pays de cette liquidité est restée plutôt stable. Pourtant, des fluctuations importantes ont affecté les soldes nationaux résultant des règlements transfrontaliers, dits « soldes TARGET » (du nom primitif du principal système de règlement de gros de la zone euro). Cet article présente un modèle qui quantifie la contribution de chaque type d’opération de politique monétaire à l’évolution des soldes TARGET depuis l’introduction de l’euro. Les premiers grands mouvements sont attribuables aux opérations de refinancement du secteur bancaire, en particulier pendant la crise souveraine de 2011 2012. Entre 2015 et 2025, ce sont les achats de titres par l’Eurosystème – puis leur remboursement à échéance – qui expliquent l’essentiel des évolutions observées.

Suggested Citation

  • Régis Breton & Thibaut Gentil & Sébastien Ray, 2026. "The climate indicator: a tool to support companies in their climate transition [Circulation de la liquidité en zone euro : comment interpréter les positions TARGET des banques centrales ?]," Bulletin de la Banque de France, Banque de France, issue 262.
    • Handle: RePEc:bfr:bullbf:2026:262:04
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    File URL: https://www.banque-france.fr/system/files/2026-03/BDF261_4_indicateur_climat_EN.pdf
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    File URL: https://www.banque-france.fr/system/files/2026-02/BDF262_4_Positions_TARGET.pdf
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    References listed on IDEAS

    as
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