From “Climate Finance” to “Climate Finance Society” to a Culture of Sustainability: Changing Perspectives on the ECB’s New Strategy

The chapter delves into the European Central Bank's (ECB) new strategy on climate change, highlighting its integration into the bank's operational framework and the potential implications for monetary policy. It critically examines the ECB's focus on climate change while disregarding other dimensions of sustainability, comparing it to similar initiatives at the EU level. The text also explores the controversies surrounding the ECB's expanded role, including concerns about its independence and the lack of detail in its new strategy. Furthermore, it discusses the need for a more holistic and multidimensional approach to sustainability, drawing on perspectives from the Global South and challenging the prevailing economic reasoning. The chapter concludes by emphasizing the importance of embedding the economy within the wider context of a world society under severe ecological threat and the need for a fundamental overhaul of social, cultural, and ethical issues in economic activity.