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Prometheus Unbound? A Legal Analysis of Recent ECB Monetary-Policy Measures

Global environmental changes are bringing new players onto the scene. Central banks around the world are currently dealing with different ways to meet the challenge of climate change. The European Central Bank (ECB) fears the consequences of climate change threatening the ability to maintain price stability. In July 2021, the ECB announced to include sustainability-related criteria in its monetary policy. This statement fuels the legal question of whether the ECB has the competence to do so.

The project deals with open legal questions about the ECB mandate (e.g. meaning of Art. 5 Para. 4 TEU, Art. 127 Para. 1 S. 2 TFEU, demarcation of "monetary policy" from other EU treaty chapters) and raises questions about current and planned future monetary policy measures of the ECB. The project also examines forms of the ECB's unconventional monetary policy and for compatibility with Union law.


Logo OeNB

Supported by funds of the Oesterreichische Nationalbank (Austrian Central Bank, Anniversary Fund, project number: 18778)


Univ.-Prof. MMMag. Dr. Rainer Palmstorfer, LL.M.
Project Leader
Institute of European Law

Mag.a Dr.in Julia Kreuzhuber
Project Assistant
Institute of European Law

Work packages

WP 1, WP 2, WP 3, WP 4


To come