Mandat Europejskiego Banku Centralnego na rzecz zmian klimatu
Abstract
Climate change is now one of the main threats to the modern world. An integrated activity of governments and legislative bodies of all countries on all continents is needed to combat this threat. Central banks also have a role to play in this “fight” – as part of monetary and supervisory policy – as is the case with the eponymous European Central Bank (ECB). The activity of public institutions in offsetting the negative effects resulting from climate change must take place within a framework of democratic rules, following the applicable law. The same is true for central banks, whose activities must be within the framework of their mandates. The article aims to analyze the legal regulations in the ECB’s monetary and supervisory mandate concerning the challenges faced by this bank in the context of changes resulting from climate change. During an exploration of European Union legal regulations and literature studies – especially foreign studies – the author has come to the thesis that the ECB has sufficient legal mandate to counteract the negative effects resulting from climate change. In support of the above thesis, the author pointed out, among other things, the following conclusions: the interpretation of the ECB’s mandate as defined in the TFEU should be done concerning the purposive interpretation of EU law, such an approach allows decoding from EU regulations the secondary – essential – purpose of the ECB in the context of mitigating the negative effects resulting from climate change through supporting economic policy towards the purpose for which the EU was established. Moreover, as the CJEU rulings of recent years have shown, in which the ECB has been accused of going beyond its primary mandate – the bank has considerable leeway in interpreting its legitimacy – even with the autonomous use of an expansive interpretation – which consequently allows it to be proactive concerning climate change.
Keywords:
European Central Bank law, climate change, legal mandateReferences
Bartholomew L., Diggle P., Central Banks and Climate Change - The Case for Action (July 29, 2021). Google Scholar
Crowe Ch., Meade E., Central Bank Independence and Transparency: Evolution and Effectiveness, “IMF Working Paper”, WP/08/119. Google Scholar
Crowe Ch., E. Meade, The Evolution of Central Bank Governance around the World, “Journal of Economic Perspectives”, Volume 21, Number 4—Fall 2007. Google Scholar
Cullen J., Central Banks and Climate Change: Mission Impossible?, „Journal of Financial Regulation” October 2023, Volume 9, Issue 2. Google Scholar
Ehrlich P., The New Sustainability Strategy of the ECB, The European Central Bank and Its Role in a Sustainable Finance System, , eds. H. Bolsinger, J. Hoffmann, B. Villhauer, 2023. Google Scholar
Jurkowska-Zeidler A.M., Janovec M., Financial Market Stability: A Key Driver of Sustainable Finance, “Gdańskie Studia Prawnicze”, 2024 nr 1 (62).. Google Scholar
Knepka T., "The Never-Ending Story": Reflections on the Powers of the European Central Bank, “Gdańskie Studia Prawnicze” 2024, R. 28, nr 1 Google Scholar
Knepka T, The Significance of the 5 May 2020 Judgment of the Constitutional Court of the Federal Republic of Germany (Weiss II) for the Process of Integration of the European Union Financial Market, “Financial Law Review” 2023, iss. 32 (4). Google Scholar
Lastra R. M., Parajon Skinner Ch., Sustainable Central Banking, “Virginia Journal of International Law”, Vol. 61, 2023. Google Scholar
Lastra R. M., Aleksander K., The ECB Mandate: Perspectives on Sustainability and Solidarity, [in.] The ECB's Mandate: Perspectives on General Economic Policies, STUDY Requested by the ECON committee Monetary Dialogue, June 2020. Google Scholar
Monnin P., Central Banks and the Transition to a Low-Carbon Economy, “Council On Economic Policies, Discussion Note” 2018, No 1. Google Scholar
Schmidt M, On the Role of the ECB in Sustainable Finance, [in:] The European Central Bank as a Sustainability Role Model Philosophical, Ethical and Economic Perspectives, eds. H. Bolsinger, J. Hoffmann, B. Villhauer, 2021. Google Scholar
Spinaci S., Höflmayr M., Hofmann L., Green central banking, “European Parliamentary Research Service”, September 2022. Google Scholar
Volz U., On the Role of Central Banks in Enhancing Green Finance, „Inquiry Working Paper” 2017, No 1. Google Scholar
Van Tilburg R, Simić A., Legally green, Climate change and the ECB mandates, Sustainable Finance Lab, „Policy Paper” 2021. Google Scholar
License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
