Ordonnance BCE coronavirus : oubli des maux sociaux et environnementaux

Reclaim Finance argues that the ECB's emergency measures to combat the coronavirus crisis—specifically quantitative easing, targeted loans, and the easing of prudential rules—primarily benefit large, polluting companies and banks. The organization contends that these measures lack mechanisms to support small businesses and households and fail to account for carbon risks in collateral or capital requirements, thereby increasing the risk of a systemic financial crisis linked to climate change.

• The ECB's quantitative easing program, which increased asset purchases by 870 billion euros to reach 1,010 billion euros in 2020, primarily benefits large companies and the most polluting firms rather than small businesses and households, as it depends on a company's presence in capital markets.
• The ECB's lending operations, including LTRO and TLTRO III, lack requirements to ensure that funds are directed toward the most affected parties, such as small and medium-sized enterprises and households.
• The ECB's collateral framework for loans does not consider carbon impact or climate risks, allowing banks to use highly polluting assets as collateral, which Reclaim Finance argues contributes to the valuation of such assets on the market.
• The easing of prudential rules regarding capital and liquidity requirements, along with the postponement of European stress tests, increases systemic risk by failing to address the lack of coverage for carbon-related assets and the financial system's low resilience to climate shocks.

APA

admin (2020). Ordonnance BCE coronavirus : oubli des maux sociaux et environnementaux. Reclaim Finance. https://reclaimfinance.org/site/2020/03/26/ordonnance-bce-coronavirus-oublie-maux-sociaux-environnementaux/

Chicago

admin. Ordonnance BCE coronavirus : oubli des maux sociaux et environnementaux. Reclaim Finance, 2020. https://reclaimfinance.org/site/2020/03/26/ordonnance-bce-coronavirus-oublie-maux-sociaux-environnementaux/.

Wikipedia

{{cite press release |last1=admin |title=Ordonnance BCE coronavirus : oubli des maux sociaux et environnementaux |publisher=Reclaim Finance |date=26 March 2020 |url=https://reclaimfinance.org/site/2020/03/26/ordonnance-bce-coronavirus-oublie-maux-sociaux-environnementaux/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2020ordonnance, author = {admin}, title = {{Ordonnance BCE coronavirus : oubli des maux sociaux et environnementaux}}, publisher = {Reclaim Finance}, year = {2020}, month = mar, url = {https://reclaimfinance.org/site/2020/03/26/ordonnance-bce-coronavirus-oublie-maux-sociaux-environnementaux/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }