Andrew Bailey at Bank of England understood the threat to CB political power first and dropped climate. ECB then followed, as Lagarde couldn't fight on two fronts (inflation and climate) - ThreadSky

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danielagabor.bsky.social • 2 days ago

Andrew Bailey at Bank of England understood the threat to CB political power first and dropped climate.
ECB then followed, as Lagarde couldn't fight on two fronts (inflation and climate)

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danielagabor.bsky.social•2 days ago

Financiers - BlackRock the most active lobbyist against - were relieved.
The threat of transformative climate action was off the table.
Since then, we live under a climate central bank omerta!

danielagabor.bsky.social•2 days ago

How do I know about this omerta?
First, the G20 expert group on climate I was part of last year was told in no unclear terms by several G7 countries that they wouldn't support the report if we insisted on keeping central banks in.
https://www.ucl.ac.uk/bartlett/sites/bartlett/files/independent_report_tfclima_group_of_experts.pdf

danielagabor.bsky.social•2 days ago

and for those new to these ideas, here is (unfortunately only there) Lagarde answering questions in European Parliament

https://x.com/PositiveMoneyEU/status/1668942609559977985

danielagabor.bsky.social•2 days ago

here is @isabelschnabel.bsky.social unpacking the carbon bias in market neutrality

https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210614~162bd7c253.en.html

danielagabor.bsky.social•2 days ago

here @pilitaclark.bsky.social is Greenpeace paragliding our report on greening ECB corporate bond portfolio onto the ECB's Frankfurt building

https://www.politico.eu/article/greenpeace-protest-european-central-bank-paraglider-climate-finance-carbon/

lkoro.es•2 days ago

I've found it somewhat funny but also painfully ironic how Lagarde has been hiding behind the "depoliticised technocrat" shield when quizzed about climate policies but then comes out enthusiastically on things like moving to QMV in matters of EU foreign policy.

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