ECB Warns Climate Crisis Threatens Core Financial Stability Amid Wildfires
A senior official from the European Central Bank (ECB), Frank Elderson, has highlighted the growing threat that the climate crisis poses to global financial stability. Elderson, a member of the ECB's executive board, emphasized the increasing risks associated with the destruction of ecosystem services, which are natural processes or assets that support human activities. The ECB is intensifying its monitoring of these financial risks, particularly as wildfires rage across France and Spain, causing significant economic and human tolls. Elderson noted that the frequency of natural disasters linked to global warming is a substantial threat to financial stability. The ECB is working on a program to assess how the degradation of ecosystem services could impact the financial system, with plans to publish an analysis later this year. 
