For some time, the fight against climate change has become a priority for the European Central Bank (ECB). Many official speeches testify to this intention. This development seems somewhat alarming to us: however pressing is the issue of climate change, we believe that the ECB’s stance is formulated without the necessary intellectual rigour and therefore endangers the mission of the institution.
Since the 1980s, price stability has been hard-won. One of the reasons for this success is that central bankers have come to be the voice of reason. They base their doctrine on economic theory and on empirically established facts. They gradually learned to avoid logical fallacies, unsubstantiated assertions and the temptation to play politics.
