Climate-related financial disclosures of Eurosystem assets held for monetary policy purposes and of the ECB's foreign reserves : June 2025

This is the third report on the climate-related financial disclosures of Eurosystem assets held for monetary policy purposes and of the ECB's foreign reserves. 2 The primary objective of the ESCB is to maintain price stability in the euro area, targeting an inflation rate of 2% over the medium term. Macroeconomic and financial market effects linked to climate change and transition policies can affect the outlook for price stability because of their impact on our economy. Climate change and transition policies also affect the value of the assets held on the Eurosystem's balance sheet, potentially leading to undesirable climate-related financial risks building up. In addition, and without prejudice to the primary objective of price stability, the ESCB shall support the general economic policies in the European Union with the aim of contributing to the achievement of the Union's objectives as laid down in Article 3 of the Treaty on European Union.