EBA announced that it will launch the 2021 EU-wide stress test exercise, with the publication of the macroeconomic scenarios on January 29, 2021. EBA expects to publish the results of the exercise by July 31, 2021. In another development in EU, ECB has decided to set up a climate change center in early 2021, to bring together the work on climate issues in different parts of the bank. The new unit, which will consist of about ten staff members working with the existing teams across the bank, will report to the ECB President Christine Lagarde, who oversees the work on climate change and sustainable finance. The new structure will be reviewed after three years, as the aim is to ultimately incorporate climate considerations into the routine business of ECB.
Keywords: Europe, EU, Banking, Stress Testing, Climate Change Risk, Climate Change Center, Sustainable Finance, ESG, Basel, ECB, EBA
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