The SAFE Policy Center and the Centre for Economic Policy Research (CEPR), within the Research Policy Network (RPN) European Financial Architecture, organised a presentation of the European Central Bank (ECB) / European Systemic Risk Board (ESRB) report on 

The Macroprudential Challenge of Climate Change 

6 October 2022. 11:30 AM. - 01:00 PM (CEST), via Zoom

Download the report 
Download the annexes

Speakers: Paul Hiebert, Stephan Fahr, Katarzyna Budnik, and Michael Grill (all ECB)
Moderator: Jan Krahnen (Leibniz Institute SAFE and CEPR)

Past years have seen the development of analytical foundations for measuring climate-related financial risk by linking climate vulnerability to standard financial risk measurement. The latest ECB/ESRB report on climate change raises the understanding of the interdependencies and spillovers to gauge implications for systemic risk. In addition, the work focussed on a forward-looking dynamic view of the modelling of financial stability risks stemming from climate change, noting that the past is unlikely to be a good guide. To contain future systemic risks from climate change to the financial system, macroprudential policy may have an important role to play. The report discusses the options for delivering a coordinated European macroprudential response, and considers a range of possible instruments that could be used in this respect.

You will find below a recording of the event. 



Paul Hiebert

Head, Systemic Risk and Financial Institutions Division European Central Bank

Stephan Fahr

Team Lead Financial Stability Expert, European Central Bank