Supporting green credit : focus on the european central bank

Diplôme Master Supporting green credit : focus on the european central bank eng 2025-06-11 author Velickovic Andjela Dora 929007 director Durand Cédric 0000-0002-1279-4966 916198 Service enseignement, recherche, administratif et technique (SdS) (SCSPS) Cédric Michel Durand 115 This master’s thesis explores how credit policy can support the green transition, with a focus on the European Central Bank (ECB). It begins with the observation that the ECB’s current approach to climate change has failed to meet the European Union’s decarbonization targets. Based on the green macro-financial regimes typology developed by Gabor and Braun (2025), the thesis presents the ECB as an institutional embodiment of the "derisking state" regime. It argues that the ECB’s commitment to “market neutrality” – which is prevalent among central banks in the Global North – is not viable in the context of the climate crisis and may contribute to future financial instability. The central argument is that the ECB should take a more active role in directing credit toward green investments. To support this argument, the thesis outlines a set of credit policy tools and presents two case studies: the post-war Banque de France Credit Council and the People’s Bank of China’s (PBoC) green credit policy. These examples show how the incorporation of credit guidance in central bank's operational framework has been used in different historical and political contexts to achieve public policy goals. The thesis concludes that proactive credit policies are essential for meeting the Paris Agreement targets and decarbonizing the economy. Green credit European Central Bank ECB European Union’s decarbonization Green macro-financial regimes typology Gabor and Braun (2025) The "derisking state" regime Dewey 330 Dewey 330.9 Master in Political Economy of Capitalism 123 Département d'histoire, économie et société T5 193 Institut d'histoire économique Paul Bairoch TE false a17d417c-8e92-40a8-a8d7-96e7770007e6 Master thesis Public VELICKOVIC_Masters_thesis_2025.pdf 1190757 application/pdf a0ef0c1132ed3a9edc3b7f424f8e763dbfcb981f43922b23dd3b6d3a333fdb13 openAccess Faculté des sciences de la société / Département d'histoire, économie et société Faculté des sciences de la société / Institut d'histoire économique Paul Bairoch

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Supporting green credit : focus on the european central bank				2025	95	1,211

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Velickovic, Andjela Dora

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