Greening the European Central Bank: A Dual-Method Discursive Institutionalist Inquiry on Ideas from Policy Research Organisations and Civil Society on the ECB’s New Green Strategy

The ratification of the Paris Agreement by the European Union has determined its trajectory and set in motion the green transition of the European economy. Even though the European climate ambitions seem political of nature, the European Central Bank has recently shown its willingness to support the Union’s climate ambitions within its institutional capacity. European policy research organisations put forward new ideas on greening policy instruments, which also touch upon other institutional characteristics of the ECB. However, the monetary authority is de jure independent of exogenous actors in determining its policies and strategy. Recently though, under Lagarde's presidency, the ECB has for the first time opened up to ideas from civil society, think tanks and academia when defining its new long-term "green" strategy. While the new strategy is still on the drawing board, theories from discursive institutionalism assert that ideas resonate the ECB’s communication strategy, through...Show moreThe ratification of the Paris Agreement by the European Union has determined its trajectory and set in motion the green transition of the European economy. Even though the European climate ambitions seem political of nature, the European Central Bank has recently shown its willingness to support the Union’s climate ambitions within its institutional capacity. European policy research organisations put forward new ideas on greening policy instruments, which also touch upon other institutional characteristics of the ECB. However, the monetary authority is de jure independent of exogenous actors in determining its policies and strategy. Recently though, under Lagarde's presidency, the ECB has for the first time opened up to ideas from civil society, think tanks and academia when defining its new long-term "green" strategy. While the new strategy is still on the drawing board, theories from discursive institutionalism assert that ideas resonate the ECB’s communication strategy, through discourse. When juxtaposing and comparing the results from two qualitative research methods, the study concluded that specific, programmatic ideas are not significantly represented in the ECB's discourse. Instead, more a general and normative ideational shift has taken place where a stronger and more decisive change in tone has become visible in the ECB’s discourse on its green strategy that can rather be explained by other exogenous events and factors.Show less

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Greening the European Central Bank: A Dual-Method Discursive Institutionalist Inquiry on Ideas from Policy Research Organisations and Civil Society on the ECB’s New Green Strategy