ECB official warns climate crisis poses growing threat to ‘core financial stability’
- ECB says climate and nature loss threaten financial stability.
- Wildfires illustrate the growing economic cost of extreme weather.
- ECB will assess environmental risks to eurozone banks.
A senior European Central Bank official has warned that the climate crisis and the degradation of nature are becoming major threats to financial stability. Frank Elderson said increasingly frequent disasters, such as the wildfires affecting France and Spain, can damage homes, businesses and economies, while the decline of…