ECB Governing Council member Fabio Panetta said that the monetary authorities' core responsibility in climate policy is to assess relevant impacts. The governor of the Bank of Italy said in a speech at a conference in Manila that formulating and implementing measures to mitigate global warming is the task of governments with political legitimacy. “Central banks and regulators have different but clearly defined responsibilities,” Panetta said on Monday. We need to understand how climate-related risks affect inflation, economic activity, and financial stability to ensure the continued effectiveness of monetary policy, financial regulation, and risk assessments.” “Our challenge is not to expand our mandate, but to fulfill our existing statutory responsibilities in a changing environment,” Panetta said. The governor of the Bank of Italy said that climate change policies require multiple actors to work together to ensure results. “No single institution can achieve these goals alone,” he said. “Governments, financial intermediaries, insurance companies, enterprises, multilateral development banks, and central banks all carry out their duties and complement each other's responsibilities. International cooperation is also critical.”

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