Opinion | When Central Banks Go Green

Modern central banks jealously guard their independence—unless it comes to the environment. Witness monetary maestros’ growing enthusiasm for using central-bank balance sheets to pursue green-policy goals.

Christine Lagarde told the Financial Times last week she wants the European Central Bank she leads “to look at all the business lines and the operations in which we are engaged in order to tackle climate change.” That could include shifting ECB bond purchases under its quantitative easing (QE) programs to favor debt issued…

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