It is a pleasure to open this conference on climate, nature and monetary policy – the first of its kind at the ECB and one that would have been hard to imagine even a decade ago. Not because climate risk was unrecognised at the time. The scientific community had long been clear about its seriousness, and the Paris Agreement set a common direction of travel for governments, which carry the primary responsibility for tackling climate change. Rather, the attention given to what climate change meant for central banks – in research and in policy – was still in its infancy. And where it did exist, it focused primarily on ... (full story)