Legitimising green monetary policies: market liberalism, layered central banking, and the ECB’s ongoing discursive shift from environmental risks to price stability
通过分析欧洲央行执行委员会成员的演讲，识别出关于环境危机影响的三种叙事，并指出第三种叙事（气候变化对价格稳定的影响）正取代第一种（环境作为金融风险）成为主导话语，这可能导致更积极的绿色货币政策，但并未脱离市场自由主义框架。
Through the analysis of ECB Executive Board member speeches, we have identified three main narratives about the consequences of the environmental crisis in the monetary authority's spheres of influence: The first emphasises environmental phenomena as financial risks; the second highlights the green investment or financing gap; and the third focuses on the impacts of climate change on price stability. These narratives lead to different forms of legitimisation in terms of why and how the central bank should intervene to tackle climate change. We show that the third narrative is displacing the first as the dominant discourse around ECB climate policy. The shift in focus from the central bank's duties to maintain financial stability to its responsibilities regarding price stability under the primary mandate could lead to far-reaching green monetary policies. However, based on the concept of layered structures, we argue that this change does not signal a departure from market liberal central banking but rather a shift within the prevailing system. What we are witnessing is a new form of market liberalism adapted to climate change, or market liberalism in climate crisis mode.