The E-axes Forum on Climate Change, Macroeconomics, and Finance

Katrin Assenmacher, Emanuel Mönch, Maria Nieto

“Monetary policy operations and financial regulation to green the financial system”

Event description

This was a panel discussion with Katrin Assenmacher, Emanuel Mönch and Maria Nieto. The panelists debated the different ways the ECB could apply green criteria to monetary policy, while maintaining financial and price stability. Maria Nieto highlighted the impact of climate risk on financial stability. Katrin Assenmacher presented the limitations that arise from the ECB’s mandate as well as how the greening of monetary policy could impact its effectiveness. Emanuel Mönch discussed the advantages and disadvantages of integrating climate risk considerations into collateral frameworks and asset purchase programs.


Pierre Monnin
Senior Fellow, CEP

Katrin Assenmacher

Head of Monetary Policy Strategy Division
Katrin Assenmacher is Head of the Monetary Policy Strategy Division at the European Central Bank (ECB) since 2016. Before, she led the Monetary Policy Analysis unit at the Swiss National Bank (SNB) and was an Assistant Professor at the University of Bonn. Her professional interests lie in the areas of monetary policy and time-series econometrics. She published several articles in international academic journals on modelling the role of money in the inflation process, analysing business cycle indices and estimating central bank reaction functions. Katrin currently is a member of the Editorial Board of the ECB’s Working Paper series.

Emanuel Mönch

Head of Research
Emanuel Moench is the Head of Research of Deutsche Bundesbank and a Professor of Economics at Goethe University Frankfurt. Prior to joining the Bundesbank, Emanuel Moench was a Research Officer at the Federal Reserve Bank of New York. His research focuses on the intersection of macroeconomics and finance and has been published in peer-reviewed publications such as the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Monetary Economics. He received the Journal of Finance’s Amundi Smith Breeden First Prize in 2015, among others.

Maria Nieto

Senior Advisor
María J. Nieto is Senior Advisor at Bank of Spain. Since 2018, she represents the Bank of Spain in the Macroprudential Work Stream of the Network for Greening the Financial System. She published original research in peer-reviewed journals, most recently in Journal of Financial Regulation and Compliance. She sits on the editorial boards of academic journals. Dr Nieto has advised the International Monetary Fund and the Federal Reserve Bank of Atlanta for over 10 years. Previously, Maria Nieto held positions at the European Central Bank, the Council of Economic Advisors to the Spanish President and the International Monetary Fund.

Paper and slides



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