Central Banks and Climate Change: Key Legal Issues

Central Banks and Climate Change: Key Legal Issues
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Volume/Issue: Volume 2024 Issue 192
Publication date: September 2024
ISBN: 9798400288395
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Topics covered in this book

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Banks and Banking , Finance , Environmental Economics , Public Policy- Environmental Policy , Climate Change , Central Bank , Legal Framework , central bank development programs , autonomous decision-making , IMF working paper No , 24/192 , central bank's mandate , core objective , Financial sector stability , Climate policy , Central bank mandate , Central bank legislation , Global

Summary

Well-designed legal frameworks and institutional arrangments support the legitimacy of central banks’ autonomous decision-making when grounded on sound legal basis and can prevent over-stepping in the remit of other authorities. This paper explores the key legal intersections of climate change and central banks. Climate change could impact price and finanical stability, which are at the core of a central bank’s mandate. While central banks’ legal frameworks can support climate change efforts they also determine the boundaries of the measures they can adopt. Central banks need to assess their mandate and authority under their current legal frameworks when considering measures to contribute to the global response to climate change, while taking actions to fulfill their legal mandates.