Central Banking and Sustainability

Sustainability matters increasingly affect and concern central banks around the globe, while the perception of what they are legally empowered to do may differ depending on the jurisdiction at hand. This volume systematically assesses the role of central banks in matters of sustainability from different perspectives in academia and central banking practice – some more favourable of a proactive engagement of central banks in sustainability policies, others more critical and vigilant of legal and legitimacy boundaries of such engagement. The methodological approaches the authors deploy include legal-doctrinal analysis, qualitative empirical analysis, and economic theory. The essays together provide a balanced assessment of the role central banks can and should play in sustainability matters, addressing legal aspects, legitimacy concerns and concerns of inter-institutional balance as well as economic and operational considerations. The book covers both developed and developing economies, where central banks are already facing the dire consequences of the warming climate.

Author Biography

Kern Alexander is Professor of International and European Financial Law at the University of Zurich and a Director of Studies at Queens’ College, University of Cambridge and Senior Research Fellow at the Institute of Advanced Legal Studies, University of London. Seraina Grünewald is a Professor at the University of St. Gallen and the European University Institute, Florence.