By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member José Luis Escrivá said on Tuesday that the labour market, financial stability and climate change also needed to be elements of ECB policymaking.  

In an opinion piece in Spanish daily Expansión, Escrivá, who heads the Banco de España, said that although price stability remained the ECB’s chief priority, ‘we should also consider other factors, like employment, financial stability and climate change.’ 

A solid financial system was crucial for a well-functioning monetary policy, according to Escrivá, who said that climate risks could impact inflation as much as they could affect stability.  

‘This is why these elements will be integrated in more detail into the economic and financial analysis’, he said. 

While central banks had improved their communication in recent years, they now needed to make a greater effort to ensure the public could understand their decisions, using clear messaging tailored to modern communication channels, he said. 

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