Lagarde speech: Work is ongoing at ECB to make sure climate risk embedded in risk assessment

Following the European Central Bank's (ECB) decision to leave the interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and -0.50%, respectively, Christine Lagarde, President of the ECB, is responding to questions from the press.

Key quotes

"ECB switched benchmark for own staff pension fund to carbon-neutral."

"We are investigating how climate change considerations can be better integrated into ECB's own portfolio."

"ECB will have to review what it can do in monetary policy portfolio."

"Work is ongoing at ECB to make sure climate risk embedded in risk assessment, models, forecasts."

"Work going on to define better stress testing, should be finished at the end of 2020."

About ECB’s Lagarde

The European Central Bank's President Christine Lagarde, born in 1956 in France, has formerly served as Managing Director of the International Monetary Fund, and minister of finance in France. She began her eight-year term at the helm of the ECB in November 2019. As part of her job in the Governing Council, Lagarde holds press conferences in detailing how the ECB observes the current and future state of the European economy.