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

Katrin Assenmacher, Ivan Faiella

Policy Panel: “Robust policy decision-making in the context of Climate Change: the Central Banker experience”

Event description

This policy panel concludes our four-webinar series linking climate change and uncertainty in modeling frameworks and policy decisions. Our panelists will discuss how deep uncertainty related to climate change affects policy-making.

The following issues and questions will be discussed:

  • How is fundamental uncertainty about climate change introduced in the models and tools that central banks use? How does this reflect in the policy decision based on these models and tools?
  • What is the impact of unprecise and incomplete data on the forecasts and estimations from models and tools used by central banks? How does this translate when they are used in policy decisions?
  • Which principles should policy decision-makers follow to guide policy decisions in such a context?
  • Do you see other examples in which central banks take decisions with uncertain or unobservable data? What parallels can you make between these situations and climate?
  • How should the policy decision process be adapted to account for this situation and still be able to deliver robust policy decisions?



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 modeling the role of money in the inflation process, analyzing 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.

Ivan Faiella

Director and Coordinator of the Climate Change and Sustainability Hub
Ivan Faiella is the coordinator of Banca d’Italia Climate change and Sustainability Hub. He is an energy and environmental economist drawing from the fields of applied microeconomics, statistics, and energy modeling. His research examines different topics: assessment of energy prices and carbon taxation on households and firms, measurement of households’ energy poverty, evaluation of the exposure of credit and investments to climate and environmental risks, and climate stress testing. In 2021, Ivan has led the Banca d’Italia Task Force for Sustainable Finance under the G20 Italian Presidency contributing to the activities of the Sustainable Finance Working Group. He is a member of the Steering Committee of the Network for Greening the Financial System (NGFS), of the NGFS Scenario Workstream and of the Task force on Biodiversity loss and Nature-related risks, member of the Italian Committee for the Estimation of Natural Capital, and member and co-founder of the Italian Observatory on Energy Poverty.

Paper and slides



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Eric Jondeau
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