Klimaschutz ultra vires?

Abstract

The fight against climate change has found its way into the monetary policy of the European Central Bank. Through the purchase of corporate sector bonds motivated by climate policy, the ECB has the ability to shift liquidity toward climate-friendly companies. But the mandate of the independent European Central Bank is narrowly circumscribed. The central bank's competencies for monetary policy, as laid down in primary law, the principles of institutional balance and democratic legitimacy, as well as European fundamental rights, set limits to the purchase of corporate bonds motivated by climate policy - and place climate policy in the hands of democratically legitimized actors.