Webinar Schedule 2023

Greening Monetary Policy in times of high inflation


Wednesday, April 19, 2023, at 14:00-15:30 Vienna time (CEST)

Mr. Evangelos Tabakis, Adviser, European Central Bank
Mr. Marton Varga, Senior Economist, Magyar Nemzeti Bank 

Mr. Laurent Millischer, Senior Economist, JVI


Over the past years a lively debate has ignited on the role that central banks can play in tackling climate change. On the one hand, proponents for an active role of central banks in both climate change mitigation and adaptation point at the fundamentally disruptive nature of climate change. Over the coming decades, the changing climate will affect all areas of the economy, including the financial sector and interfere with central banks’ objectives in terms of price stability, financial stability or employment. On the other hand, opponents argue that tackling climate change is not explicitly part of central bank mandates and that fighting climate change (e.g., by redirecting credit to low-carbon activities) entails trade-offs that only elected governments have the legitimacy to settle. 


Despite the debate not yet being settled, many central banks have started implementing climate-related policies, ranging from measuring the carbon footprint of their operations to monitoring climate risks in financial sector supervision. Even in the most contentious domain – monetary policy – some central banks have started to act. The European Central Bank (ECB) for instance started greening its corporate bond holdings, while the Hungarian National Bank (Magyar Nemzeti Bank/MNB) introduced a targeted refinancing facility for energy efficient residential mortgages. 


In this webinar, Evangelos Tabakis from the ECB will review the menu of policy options as outlined in the 2021 report by the Network for Greening the Financial System (NGFS) and present the ECB’s green tweaks to its monetary policy. Evangelos will be joined by Márton Varga from MNB who will present the Hungarian experience with its green monetary policy instruments in times of high inflation.

The JVI focus on climate change 


If greenhouse gas emissions continue unabated, global temperatures will keep on rising beyond the Paris target of 1.5 degrees Celsius, with catastrophic implications for lives and livelihoods worldwide. Economic policy has a pivotal role to play in changing the ways we produce and consume in order to slow climate change.  


Countries in the JVI region will not be spared the economic costs of rising temperatures nor the difficult task of transforming their economies within the next thirty years to drastically reduce greenhouse gas emissions. Yet, this transformation also holds opportunities for countries in the region, such as public investment-triggered growth, good quality green jobs, and better health from reduced air pollution.  


In this context, the JVI offers two courses on the economics of climate change. The first one, “Climate Change and Green Finance”, coordinated by the Austrian Federal Ministry of Finance and the Austrian National Bank, takes place June 26-30, 2023. The second one, “Climate Change Economics”, coordinated by the JVI faculty, takes place September 4-8, 2023. We encourage everyone to apply

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Course Details

Start: 20230419Apr 19
End: 20230419Apr 19

Language: English

Sponsoring Organization: JVI

Admin Arrangements

Application Deadline: April 19, 2023

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