The ECB has been looking to support the economy's green transition but an unexpected surge in inflation along with rising interest rates has thrown a spanner in the works, requiring a new approach, Schnabel argued.
"We therefore need to move from a flow-based to a stock-based tilting approach for our corporate bond portfolio," she told an event organised by the Swedish Riksbank in Stockholm. The ECB also needs to rethink how it tilts public sector bonds, which make up half of its 8 trillion euro balance sheet. But Schnabel rejected the argument that sharply higher interests rates are actually thwarting the green transition by making investments more expensive.
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