Is it ‘green’ domination or just a ‘green’ narrative? The case of the ECB

<ns3:p>In recent years, there has been a growing awareness of the risks that climate change poses to the wider economy. One can also notice a growing interest in the topic among other central bank representatives. This article aims to characterize the changes that have taken place in the ECB’s narrative on ‘green’ central bank policies over the last few years. It will outline how ECB Executive Board members perceive the impact of climate change on the ECB’s objectives, as well as what solutions have been and are being proposed in this context. Finally, it will be indicated which proposals have been transferred from the narrative level to the action level. The speeches of the ECB Executive Board members from 2018 to 2024 posted on the ECB website, in which ‘climate change’ appears as one of the keywords, are analysed. In addition, it will be indicated which ‘green monetary policy’ measures have been included in official ECB documents such as annual reports.</ns3:p>