Francois Villard de Calhau, ECB's Governing Council member and France's central bank governor, said that climate risks are among the long-term risks to which financial institutions are exposed, and therefore it is necessary to closely monitor these risks. With such statements, Villeroy de Galhau responded to criticism of the growing involvement of Central Banks in the fight against climate change.
"With regard to some recent protests against the strengthening of the role of central banks, the leadership of Central Banks should not spend too much time on legal and political debates about mandates. The main task of central banks is price stability, and climate change is already affecting the price level and activity," Villeroy de Galhau added.