The concept of Stabilitätskultur, or culture of stability, was first used by former Bundesbank President Helmut Schlesinger in 1991. In coining this phrase, he wanted to emphasise that stable money – the remit of central banks − not only required a stability-oriented policy from the central bank, but also from the government and society at large. In the face of the current climate and nature crises, Schlesinger’s insight that stability-oriented institutions cannot pursue their objectives in isolation could hardly be more relevant. The Emissions Gap Report published by the UN earlier this week concludes that the world i ... (full story)