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.