The European Central Bank as a Sustainability Role Model

Inhaltsverzeichnis

1. Frontmatter

2. Where Do We Stand When It Comes to Sustainable Financial Markets?

   Johannes Hoffmann

   Abstract

   If we intend to support sustainability in the financial markets, research and analysis must come first. In the last 30 years, the groundwork has been laid by the Ethical Environmental Research Group (Forschungsgruppe Ethisch-Ökologisches Rating) leading to a rating system for Impact Investing. The article shows the progress in Sustainable Finance through the years and highlights essential aspects, connecting environmental, social and cultural compatibility. Only an integrated view can lead the European fiscal and financial policy towards a new level.

3. Ethical Standards Beyond Monetary Policy: Approaches to a Philosophical Foundation

   Bernd Villhauer

   Abstract

   This paper illustrates why the European Central Bank has obligations that go far beyond economic and financial market-related responsibilities. As a European institution, it is committed to a core set of values, especially with regard to the preservation of human rights. These obligations are part of its contribution to the creation of a social and ecological market economy in Europe and do not conflict with its regulatory and market-related responsibilities.

4. Fundamental Rights in the Core Business of the ECB: No Issue?!

   Experience with the EU Petition 429/2017 Harald J. Bolsinger

   Abstract

   Petition 0429/2017 has been brought forward by Prof. Harald Bolsinger. In this article he describes backgrounds and developments around the petition. The petition, submitted on May the 8th 2017, addressed the investments policy of the ECB. Compliance with EU Fundamental Rights, it claimed, should be specifically included into the eligibility for EU owned assets. As Bolsinger explains, at the moment the ECB is involved in violations of the Charter of Fundamental Rights of the European Union through possession and trading of unethical securities.

5. On the Role of the ECB in Sustainable Finance

   Michael Schmidt

   Abstract

   The ECB has successfully performed its main task in the context of an independent monetary policy: The euro is stable and enjoys the confidence of the population and the economy. Regarding sustainability, the ECB has so far displayed varying degrees of ambition. The ECB on its own can, and should, expand its commitment within its mandate. By contrast, any attempt by politicians or corporates to exercise undue influence would end up in a loss of stability and prosperity.

6. Legal Approaches to Encouraging the ECB to Comply with Human Rights Aspects When Establishing the List of Marketable Assets

   Marian Szidzek

   Abstract

   This essay deals with the question of whether the European Central Bank may certify reserve adequacy without taking into account compliance with the European Charter of Fundamental Rights by companies whose securities are to be included in the list of marketable assets. It will also be discussed whether there are legal means of enforcing the provisions of the Charter of Fundamental Rights with regard to the European Central Bank’s list of marketable assets.

7. Central Banks in Europe: On the Road to more Sustainability

   Susanne Bergius

   Abstract

   The different central banks follow their own different paths to sustainability. The article asks, what types of sustainability they already practice. It describes progressive strategies, looks at the learning processes and analyses the shortcomings. The Network for Greening the Financial System (NGFS) tries to bring all these experiences together and helps the central banks and supervisors contribute to true climate protection and adaptation. But overall, the ecological and social effects of central banks are still underexposed.

8. Backmatter