Lagarde: Climate change and central banking

From ecb.europa.eu

In the famous fable “Belling the Cat”,[1] a group of mice gather to discuss how to deal with a cat that is eating them one by one. They hatch a plan to put a bell on the cat so they can hear it coming and escape before being caught. When it comes to who will actually do it, however, each mouse finds a reason why they are not the right mouse for the job, and why another mouse should do it instead. The cat never does receive a bell – and the story ends poorly for the mice. In many ways, that fable describes mankind’s reaction to the threats posed by climate change. Already in 1986, the front cover of Der ... (full story)