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It is my considered opinion that all stock market investors are stark raving mad. As wildfires cause devastation on almost every continent and water levels in the Danube are too low to cool nuclear power plants in Hungary, stocks in New York hit an all time high on August 4, fueled by an infantile belief that artificial intelligence will lead to an age of unimaginable abundance. That’s the fantasy being peddled by Elon Musk and his tech bro friends, and apparently lots of people are drinking deeply of the AI Kool Aid.
The ECB is the supervisor responsible for Europe’s largest banks. According to The Guardian, it has begun a program designed to assess how the escalating damage to ecosystem services could expose the financial system to risk. The investigation will examine how “ecosystem degradation pathways” could translate into credit loss dynamics the eurozone banks. The findings will be published later this year.
Frank Elderson, a member of the executive board at the European Central Bank, is not some faceless nobody. He was instrumental in the creation of the Network for Greening the Financial System (NGFS) in 2017, together with Mark Carney, who was the head of the Bank of England, and François Villeroy de Galhau, head of the Banque de France, at the time. He served as founding chair of the group of 114 global central banks and financial supervisors pushing to develop climate risk management. This is a fellow who knows what he is talking about.
