Sweden Wants Riksbank to Identify Climate Threats, Expand Focus
May 30 2021, 11:00 PM
May 28 2021, 1:19 PM
May 30 2021, 11:00 PM
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The Swedish central bank will by law have to identify threats against sustainable development and consider issues such as employment when it conducts policy, according to a government proposal.
Climate change could become a long term threat âto economic development broadly, as well as stability in the financial system,â according to the proposal for a new Riksbank Act, which stops short of including climate policy in its monetary policy mandate.
Central Banking’s Green Limits Spark Legal Debate in Sweden
Bloomberg 3 hrs ago Niclas Rolander and Rafaela Lindeberg
(Bloomberg) How should a central bank respond to global warming? In Sweden, a body created to monitor government efforts to fight climate change says the law that guides monetary policy needs a serious overhaul.
Cecilia Hermansson, the vice chair of the Swedish Climate Policy Council, is advising the government to include environmental considerations in the Riksbank Act, which is currently under review. She also says an existing proposal to amend the law doesn’t go nearly far enough.
“Climate is mentioned four times in over 2,000 pages,” Hermansson said in an interview.
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