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The European Central Bank (ECB) has to protect its balance sheet from the financial risks caused by climate change, ECB Executive Board Member Fabio Panetta said Monday.

Additional takeaways

“The ECB can contribute to environmental policies in the implementation of monetary policy.”

“By performing its own analysis of climate risks, the ECB can contribute to the valuation.”

“These issues are currently being considered as part of our monetary policy strategy review.”

Market reaction

The EUR/USD pair largely ignored these comments and was last seen losing 0.12% on a daily basis at 1.2155.