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EU Taxonomy and ECB Monetary Policy: Moving Towards Centrally-Directed Green Capital Allocation?

Schnabl Gunther ()
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Schnabl Gunther: Institute of Economic Policy, Leipzig University, Grimmaische Straße 12, 04109, Leipzig, Germany

The Economists' Voice, 2022, vol. 19, issue 2, 255-261

Abstract: Prominent ECB representatives have stressed the goal of the ECB to green its monetary policy, inter alia by moving from market neutrality to (green) market efficiency as guiding principle of monetary policy making. The paper explores how the EU taxonomy could become the benchmark for a monetary policy of the ECB, which influences the credit allocation of commercial banks, with a negative impact on allocation efficiency and growth in the European Union.

Keywords: EU taxonomy; ECB monetary policy; green capital allocation (search for similar items in EconPapers)
JEL-codes: E40 E44 E5 Q54 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1515/ev-2022-0030

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