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Central Banks and Climate Change: Key Legal Issues
Author:
Mario Tamez https://isni.org/isni/0000000404811396 International Monetary Fund

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Hans Weenink
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Akihiro Yoshinaga
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Series:
IMF Working Papers
Volume/Issue:
Volume 2024: Issue 192
Language:
English
Publication Date:
09 Sep 2024
DOI:
https://doi.org/10.5089/9798400288395.001
ISBN:
9798400288395
ISSN:
1018-5941
Pages:
46
Keywords:
Climate Change; Central Bank; Legal Framework; central bank development programs; autonomous decision-making; IMF working paper No. 24/192; central bank's mandate; core objective; Financial sector stability; Climate policy; Central bank mandate; Central bank legislation; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Well-designed legal frameworks and institutional arrangments support the legitimacy of central banks’ autonomous decision-making when grounded on sound legal basis and can prevent over-stepping in the remit of other authorities. This paper explores the key legal intersections of climate change and central banks. Climate change could impact price and finanical stability, which are at the core of a central bank’s mandate. While central banks’ legal frameworks can support climate change efforts they also determine the boundaries of the measures they can adopt. Central banks need to assess their mandate and authority under their current legal frameworks when considering measures to contribute to the global response to climate change, while taking actions to fulfill their legal mandates.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund