of financing : we should not rely solely on green bonds. we also need more green loans, and more green financing in general, accessible to individuals, smes and start - ups. mobilising this capital raises also some qualitative challenges. an orderly scaling up of green finance requires keeping markets away from green washing practices. the emergence of a new ecosystem of financial “ good products ”, such as green, social, impact or sustainable development goals ( sdg ) bonds would appear to be great news. but we should be cautious not to create a confusing diversity of definitions that could undermine the reputation of green markets and impede progress. an eu - wide standard based on high level common principles regarding the management of the funds and impact assessments, articulated with a common green taxonomy is critical to protect market integrity. it would certainly make sense to build, notably on the two most widespread standards : the green bond principles ( gbp ) and the climate bond initiative ( cbi ). page 5 sur 6 2 / central banks must also send out the right signal and lead by example in their investment and disclosure policies. we at the banque de france have adopted in march this year a charter on responsible investment for the management of our own funds and our pension portfolios : this means allocating them to socially and environmentally responsible investment funds. with respect to disclosure, we are going to disclose in march 2019 the climate - risk exposures of our own funds and pension portfolios. we are also working to adopt in the near future a tcfd - like reporting which would fit the specificities of central banks. regarding the role of monetary policy, some voices have been calling for a “ green quantitative easing ”. but monetary policy has to be broad based and remain neutral to ensure proper functioning through its transmission channels ; it cannot be targeted towards achieving specific social or sectoral impacts. however, this does not preclude the eurosystem from buying green assets when they fall in the remits of the eligibility criteria of its purchase programmes. for instance, the ecb currently holds around eur 79 billion viii of eligible green universe bonds from both the public and the private sector, which is already significant. it does not mean though that monetary policy should ignore the question of climate change. within our price stability mandate, i really believe further analytical work is needed to better understand the medium to long - term impact of climate change on intermediate monetary policy objectives and ultimately on our monetary policy strategy. to this end,

2013 ( section 48 ) ( lending to small and medium size enterprises ) regulations 2015. available here. 6 see sme market report 2018. available here. 7 see footnote ( vii ) page 1. 8 see footnote ( vii ) page 1. 9 see footnote ( vii ) page 18. figure 29. 10 see footnote ( vii ) page 2. figure 1. 11 see footnote ( vii ) page 2. figure 2. the wholesale, retail trade and repairs sectors includes businesses such as cash and carry wholesalers, all retail shops and also includes car sales. 12 see department of finance sme credit – demand survey october 2017 – march 2018 page 1. available here. 13 see footnote ( xiii ) page 59. 14 see strategic bank corporation of ireland, 2018 progress update. available here. 15 the credit union act, 1997 ( ‘ the 1997 act ’ ) and the credit union act 1997 ( regulatory requirements ) regulations 2016 ( ‘ 2016 regulations ’ ) set out the services that a credit union may provide to its members and the investments that a credit union may undertake with members ’ funds taking account of the overriding requirement not to put members savings at undue risk. 3 / 3 bis central bankers'speeches