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EU Taxonomy and ECB Monetary Policy: Moving Towards Centrally-Directed Green Capital Allocation?

Author

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  • Schnabl Gunther

    (Institute of Economic Policy, Leipzig University, Grimmaische Straße 12, 04109, Leipzig, Germany)

Abstract

Prominent ECB representatives have stressed the goal of the ECB to green its monetary policy, inter alia by moving from market neutrality to (green) market efficiency as guiding principle of monetary policy making. The paper explores how the EU taxonomy could become the benchmark for a monetary policy of the ECB, which influences the credit allocation of commercial banks, with a negative impact on allocation efficiency and growth in the European Union.

Suggested Citation

  • Schnabl Gunther, 2022. "EU Taxonomy and ECB Monetary Policy: Moving Towards Centrally-Directed Green Capital Allocation?," The Economists' Voice, De Gruyter, vol. 19(2), pages 255-261, December.
    • Handle: RePEc:bpj:evoice:v:19:y:2022:i:2:p:255-261:n:14
    DOI: 10.1515/ev-2022-0030
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    More about this item

    Keywords

    EU taxonomy; ECB monetary policy; green capital allocation;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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