Climate change: a new financial risk for central banks

Overcoming ‘analysis paralysis’ and the lessons in capturing climate-related financial risks on the Deutsche Bundesbank’s balance sheet

There are myriad research strands seeking the optimal metrics for capturing climate-related risks. This is important work. But it is also critical to act and avoid being stuck in ‘analysis paralysis’, where the over-analysis of a situation delays or even prevents decision-making.

Understanding the impacts, or even assessing the risk, of climate change is highly complex. There is a need to sharpen our view and gain a better understanding of how climate-related risks affect our industry, our

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