EconomyECB official warns climate crisis is growing threat to ‘core financial stability’
Frank Elderson, a member of the European Central Bank’s executive board, says the climate emergency and the breakdown of nature are posing a dramatically increasing risk to the global economy. As wildfires rage, he says the eurozone’s lender of last resort is intensifying its monitoring of financial dangers linked to the destruction of “ecosystem services”. These are nature-related processes or assets that support human activity. Elderson adds that more work is needed to assess the risks.
TThe Guardian★★★★☆2026-08-01 04:00Original
ECB official warns climate crisis is growing threat to ‘core financial stability’
Economy