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Sustainable Finance
Harald Bolsinger
Johannes Hoffmann
Bernd Villhauer Editors
The European
Central Bank as
a Sustainability
Role Model
Philosophical, Ethical and Economic
Perspectives
Sustainable Finance
Series Editors
Karen Wendt
CEO. Eccos Impact GmbH, President of SwissFinTechLadies
Cham, Zug, Switzerland
Margarethe Rammerstorfer
Professor for Energy Finance and Investments
Institute for Finance, Banking and Insurance WU Vienna
Vienna, Austria
Sustainable Finance is a concise and authoritative reference series linking research
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More information about this series at http://www.springer.com/series/15807

Harald Bolsinger • Johannes Hoffmann •
Bernd Villhauer
Editors
The European Central Bank

as a Sustainability Role
Model
Philosophical, Ethical and Economic
Perspectives
Editors
Harald Bolsinger Johannes Hoffmann
FHWS University of Applied Sciences Goethe University Frankfurt/Main
Würzburg-Schweinfurt Frankfurt/Main, Germany
Würzburg, Germany
Bernd Villhauer
Weltethos-Institut at the University of
Tübingen
Tübingen, Germany
ISSN 2522-8285 ISSN 2522-8293 (electronic)

Sustainable Finance
ISBN 978-3-030-55449-1 ISBN 978-3-030-55450-7 (eBook)
https://doi.org/10.1007/978-3-030-55450-7
© Springer Nature Switzerland AG 2021

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Preface
While economists argue about whether the new ECB head Christine Lagarde should
continue the relaxed monetary policy of her predecessor Mario Draghi in the inter-
est of financial stability and in the direction of 2% inflation, the Research Group
Wirtschaft und Finanzen (Economics and Finance) of the Weltethos-Institut at the
University of Tübingen is pushing forward the question of whether the ECB is fail-
ing completely regarding this very issue in the interest of environmental, social, and
cultural sustainability.
The expert panel meeting on October 29, 2019, at Goethe University was pre-
ceded by Petition 429/2017 submitted by economic ethicist Harald Bolsinger to the
Committee on Petitions of the EU Parliament. This petition highlights the ECB’s
active participation in undermining the values of the Charter of Fundamental Rights
(i.e., via its portfolio policy) which is binding for all EU institutions.
With this conference, the Wirtschaft und Finanzen Research Group of the
Weltethos-Institut at the University of Tübingen posed the important question of
whether the ECB, as an EU institution, can act independently of the EU’s human
rights and sustainability principles. There is a risk that it may in fact fail to take such
principles into account for economic reasons. Measured in terms of the volume of
funds managed by the ECB, this makes the efforts of ethically sustainable invest-
ment virtually meaningless. However, sustainable investment is of great importance
as a means of social and economic transformation.
This concern was discussed and made transparent in our expert panel discussion
“A Sustainable Europe: The ECB as a cardinal mistake?” We also publicly pointed
out the ECB’s responsibility to adhere to the ethical and social principles of the EU
in their economic policy implementation.
In this respect, the Frankfurt conference brought together philosophical, eco-
nomic, legal, and political arguments which we present to a wider audience in this
publication.
We have already been able to achieve a successful first step; on November 11,
2019 Harald Bolsinger spoke before the Committee on Petitions of the European
Parliament. Parliamentarians praised the petition and resolved to pursue the matter.
The demands are to be submitted to the new head of the ECB and discussed in the
v
vi Preface
Committee on Economic and Monetary Affairs of the EU Parliament as well as in

other decision-making bodies.
The expert panel discussion was held in a place steeped in the history of Germany,
namely the Eisenhower Hall of the Goethe University in Frankfurt. Designed by the
architect Hans Poelzig on behalf of IG-Farben from 1928 to 1930, it is the most
modern industrial office building of the twentieth century.
After the war, the Americans moved in and the building became their headquar-
ters for the next 43 years. On July 1, 1948, the prime ministers of the various German
states were called upon to draft the Basic Law for the Federal Republic of Germany
in this very room. Therefore, the IG Farben House can be seen as the birthplace of
our German Constitution. The negotiations regarding the introduction of the new
currency, the Deutsche Mark, were also conducted here, inextricably linking this
place with the Deutsche Mark forever.
In 1995, the Americans moved out, and the question of what to do with the build-
ing, or in other words who should move in, was posed. In negotiations between the
Federal Government and the State of Hesse, two proposals were in the air, namely
the ECB and the Goethe University.1
We chose this historic venue for our conference in the hope that it too will con-
tribute to a better future—a truly sustainable Eurosystem...
P.S. On August 5, 2020, the Committee on Petitions of the European Parliament
received a letter from the Directorate General International & European Relations
of the European Central Bank. In this letter, it is set out that the ECB has the pri-
mary objective to ensure price stability over the medium term. Whether this can or
should be done based on the human rights-related principles and obligations is
discussed in the following way: the Directorate acknowledges that the ECB is an
addressee of the Charter of Fundamental Rights, but “does not automatically have
an obligation to enforce the Charter vis-à-vis the issuers of securities it considers
eligible for use in its monetary policy operations.” This raises a lot of questions not
only for the ECB but for other EU bodies. The short letter, which tries to discuss the
complicated matter on two pages, supplies material for further research in more
than one perspective. For example one should take a closer look at this conclusion:
“The ECB also cannot simply defer to the findings of private self-authenticated
sources such as those proposed by the Petitioner.” That is probably aiming at
NGOs—but is it also true for credit rating agencies—and what would that mean for
the analysis and the European investment policy? All this shows that the discussion
about the rules and principles of the ECB strategy has only started…
Würzburg, Germany Harald Bolsinger

Frankfurt/Main, Germany Johannes Hoffmann
Tübingen, Germany Bernd Villhauer
1
Meißner, Werner/Rebentisch Dieter/Wang, Wilfried HG. Der Poelzig-Bau. From I.G. Farben-Haus
zur Goetheuniversität, Frankfurt 1999.
Contents

Where Do We Stand When It Comes to Sustainable
Financial Markets?�� 1
Johannes Hoffmann

Ethical Standards Beyond Monetary Policy: Approaches
to a Philosophical Foundation�� 11
Bernd Villhauer
Fundamental Rights in the Core Business of the ECB: No Issue?!�� 19
Harald J. Bolsinger
On the Role of the ECB in Sustainable Finance�� 39
Michael Schmidt

Legal Approaches to Encouraging the ECB to Comply with Human
Rights Aspects When Establishing the List of Marketable Assets�� 43
Marian Szidzek

Central Banks in Europe: On the Road to more Sustainability�� 55
Susanne Bergius
Appendices�� 75
vii
Where Do We Stand When It Comes
to Sustainable Financial Markets?
Johannes Hoffmann
Abstract If we intend to support sustainability in the financial markets, research

and analysis must come first. In the last 30 years, the groundwork has been laid by
the Ethical Environmental Research Group (Forschungsgruppe Ethisch-
Ökologisches Rating) leading to a rating system for Impact Investing. The article
shows the progress in Sustainable Finance through the years and highlights essen-
tial aspects, connecting environmental, social and cultural compatibility. Only an
integrated view can lead the European fiscal and financial policy towards a new level.
1 Introduction
After 30 years of scientific work on the promotion of environmental, social and

sustainable investments and through the common interest in the Ethical
Environmental Rating Research Group, we are now well prepared for sustainable
development within the framework of the market economy. The contribution of the
Research Group was and is supported by the effort to expose hidden issues: Making
the unseen visible, freeing people from outdated traditions, encouraging new ways,
and accompanying and promoting effective altruists. Taking the path of “subversive
integration,” [1] so that human development can succeed in communion with cre-
ation. For the development of environmental, social, economic and intercultural
sustainability in the market economy, it makes sense to recall the beginnings and to
take a look at the current state of environmental, social and intercultural sustain-
ability in the economy. This will certainly provide clues for consistent environmen-
tal and social action in business, finance and the fiscal system. This must be
recognised, publicised politically and its political implementation promoted. For
me, this means in concrete terms that the example of the ECB’s de facto approach,
the central financial management institution in Europe, must be used to promote this
more effectively. That is the intention of this conference.
J. Hoffmann (*)
Goethe University Frankfurt/Main, Frankfurt/Main, Germany
e-mail: [email protected]
© Springer Nature Switzerland AG 2021 1

H. Bolsinger et al. (eds.), The European Central Bank as a Sustainability Role
Model, Sustainable Finance, https://doi.org/10.1007/978-3-030-55450-7_1
2 J. Hoffmann
2 Ethical Environmental Investments and their Origins
There were already attempts in the 1920s to integrate thinking around environmen-
tal, social and sustainability issues into the investment process. However, the eco-
nomic and political possibilities of ethical money management were brought to the
fore by two spectacular measures taken by ethically oriented investors. One was the
successful boycott of Dow Chemical in the USA during the Vietnam War, due to the
company’s supply of napalm to the military. The second was the boycott of the
apartheid regime in South Africa, which contributed decisively to the peaceful
replacement of the regime. The experience of the political effectiveness of boycotts
or divestment motivated ethically oriented investors to use financial investments not
only as a means for individual spectacular actions but systematically for an ethical-
environmental shaping of the financial market. This began in the USA and England
as early as the 1980s. It is no coincidence that EIRIS is one of the oldest sustain-
ability agencies, founded by Peter Webster [2] coming from a Quaker background.
In Germany the concept of responsible investment started to emerge in the 1990s.
More and more investors recognized the ethical responsibility of their money. They
no longer wanted the money to be used for weapons production, human rights
abuses, environmental damage etc. The prerequisite for this was an instrument with
which the environmental, social and cultural compatibility of companies and other
asset classes could be evaluated.
In 1991, Christian-oriented bank managers and church institutions suggested to
found the project group Ethical-Environmental Rating (EÖR) at the Department of
Catholic Theology of the Goethe University for the development of such an evalua-
tion instrument. A first result was the so-called Frankfurt-Hohenheimer Leitfaden
(FHL) [3], an internationally recognised criteria tree, which was reflected in the
Corporate Responsibility Rating (CRR) methodology of Oekom Research AG in
Munich. The CRR is now firmly established. Oekom Research AG was able to
expand its market position and last year entered into a merger with ISS in New York.
In a further step, the research group founded a consortium of ethically oriented
investors, CRIC e.V., in 2000 as an information and investment platform [4]. Finally,
with the participation of the research group, the Forum Nachhaltige Geldanlagen
(Germany’s representative in the Pan-European Sustainable Investment Forum
EUROSIF) was founded in 2001, in which financial actors such as investment man-
agers, asset owners and service providers can get involved. The FNG awards an
annual label for the assessment of sustainability funds [5]. Developments in
Germany, as in other countries, show that ethically motivated investors have given
the impetus for the market segment of ethical investments, which they utilise.
The current state of development in Germany and Europe is a success story that
began around the year 2000. Today, trillions are invested worldwide in a large num-
ber of funds with different ethical-environmental profiles. Globally, sustainable
investing assets in the five major markets stood at $30.7 trillion at the start of 2018,
a 34 percent increase in 2 years [6].
Where Do We Stand When It Comes to Sustainable Financial Markets? 3
Finally, the status of the signatories of the UN Principles for Responsible

Investment (UN PRI) should also be mentioned. “Since its launch in 2006, more
than 2500 institutional investors have joined the initiative, managing a total invest-
ment volume of around USD 90 trillion (as of 12/2018).”
Sustainable investments are also proving particularly interesting for large institu-
tional investors such as pension funds, insurance companies, etc. Experience in
recent years has shown that long-term (10 years and longer) ethical-environmental
investments in the real economy (green building, sustainable infrastructure and land
and forestry [7]) generate exactly what these institutions need to fulfil their contrac-
tual obligations and at the same time promote sustainable real economy projects,
with average returns above the inflation rate.
The signs for responsible investments are therefore good, first because numerous
studies have shown that responsible investments are generally not inferior to tradi-
tional ones in terms of returns and are indeed helpful in terms of competitive posi-
tioning. “A study published by the Harvard Business School and the London School
of Business comes to the conclusion that taking ESG criteria into account when
selecting shares after 3 years generates a positive outperformance that rises continu-
ously with a longer investment horizon. The statement is based on an analysis of
180 US companies over the period 1993 to 2010.” [8]
In recent years public information regarding responsible investors has also
improved considerably. Apart from the fact that numerous ESG research providers
primarily focus on economic sustainability and, as Henry Schäfer has shown [9],
only a small group can be called value-oriented, investors receive information on
the character, quality and comparability of sustainability ratings through a study by
the EÖR project group by Claudia Döpfner and Hans Albert Schneider [10].
3 What Does Sustainability Mean in the Financial Sector?
“Sustainable development means taking environmental aspects into account on an

equal footing with social and economic aspects,” [11] is an official definition on
which political agreement could be reached because it grants equal rights to con-
flicting interests. The idea of the three equal pillars (in the previous quote: points of
view) of sustainability “seems to be the price at which the idea of sustainability
found political recognition in the 1990s,” because anyone who bases sustainability
policy on equal rights “of the whole (nature) with a part of the whole (society) and
on top of that with a part of this part (the economy),” [12] does not want to know
exactly what is important or does not want to say it so bluntly.
Sustainable business activity means the consistent conservation of substances,
the preservation of the natural bases of life and production, which are intended for
the totality of all life on earth (because there are no others) and thus also for future
generations of mankind, i.e. must be preserved and passed on by the present genera-
tion. This shows in German the origin of the concept of “Nachhaltigkeit”/sustain-
ability from forestry and in English the meaning of “sustain”: to preserve, to supply.
4 J. Hoffmann
The natural foundations of life [13], breathing air, preserving biodiversity and
soil fertility, the abundance of fish, the climate system, raw material deposits, drink-
ing water, etc. can only be preserved if we give them back what we have used and
consumed for our purposes. If we do not give it back, we consume the inherited
substance. In fact, we are parasites who have to make sure that our host, the earth on
which we live, does not perish [14]. And we all know that. Unfortunately, this
understanding does not always correspond to our actions. The movement set in
motion by Fridays for Future may save us from not having to repent for our failures,
but we will still be confronted with that and repent, for repentance is a limping mes-
senger. He comes slowly but surely [15].
It is understandable that there are different opinions about what is meant by
ethical-environmental and social sustainability. This also applies to ESG Research
providers, which assess the sustainability performance of companies and other asset
classes and the ratings often show a large divergence. The study presented by
Döpfner and Schneider shows that the transparency of the research process and
assessment procedures does not need to be improved as much. Although the differ-
ences here are worth mentioning, they are likely to wear off or are relatively easy to
smooth out with some regulations.
In principle more problematic, is the difference in the concept of sustainability
on which the ESG Research Providers base their ratings. Some are heading for a
consistent ethical assessment by considering the conservation of natural and social
capital as sustainable, i.e. demanding both “environmentally” and “socially” sus-
tainable management. To this end, both the natural and the socially designed bases
of life and production must be preserved in their potential, natural capital as well as
social capital.
Both can only be maintained if companies do not incur losses in the longer term,
so that real economic capital, the total value of private productive and human capi-
tal, is at least preserved. Economically, sustainability must be considered as we look
at sustainability from environmental and social standpoints: From all three points of
view, sustainability demands the preservation of environmental, social, economic
and cultural substance, i.e. the preservation of the basis of life and production. This
is a clear definition of sustainability based on the Brundtland Commission’s
definition.
Those who make sustainability progress dependent on positive financial returns
have a strong motivation to postpone conservation investments. The same suspicion
is (rightly) levelled at companies that attach importance to making a sustainable
investment based on their individual preferences.
(“Customized”) valuation methods try not to be subjected to external ratings, but
rather try to base everything on their own customized internal evaluations.
According to the Brundtland definition and its interpretation by the German
Commission of Enquiry “Protection of Humankind and the Environment”
(26.06.1998), the goal of sustainable development is that the common goods used,
whether natural or socially designed, are no longer consumed, but are preserved (or
restored) in their potential for future generations, in such a way that they will not be
worse off in the satisfaction of their needs than those currently living. Each indi-
vidual company must be measured against this goal.
This goal of an uncompromising definition of sustainability, i.e. for the preserva-
tion of substance instead of externalisation and therefore for sustainable competi-
tion, must be maintained. A sustainability rating following this definition may only
award the highest rating to companies or capital investments that treat all common
resources used in the same way as their own production facilities, by avoiding or
compensating for any consumption of natural and social capital through appropriate
replacement investments.
And the other levels of the evaluation scale must be oriented to the effect of the
conservation investments: the greater the remaining externalisation, the more nega-
tive the evaluation. This would gradually ensure that renewable resources—ecosys-
tems, the climate system, human health, social integration—can be restored and that
non-renewable resources—consumed raw materials or fossil energy sources—can
be reused or replaced by renewable ones within the framework of the circular econ-
omy. The ideal goal must be that no more “waste” is produced.
From a macroeconomic point of view, this must be financially viable in the long
term, but the sustainability rating of the individual company must not, under any
circumstances, be profit-oriented, not even additionally. This would violate the sus-
tainability objective, which calls for more sustainable production to grow, but at the
same time for less sustainable production to shrink; and it would also violate the
market economy principle, which measures market performance against real sales
increases and excludes all profits generated by unfair competition or pure financial
manipulation.
So if we consider the dimensions of sustainable development to be not only envi-
ronmental, social and cultural, but also economic, the consideration must be ori-
ented to the real “substance” from which we live and which we must preserve. None
of the three dimensions can be substituted by another, certainly not by financial
capital, not even at the ECB, since those dimensions are not competing with each
other, as for the return on investment, it makes no difference whether the profit is
generated by maintaining or consuming the real substance.
Unfortunately, we live in Western “feel-good capitalism … in an externalisation
society that functions in the mode of exploitation. Through the externalisation of
constraints, one’s own freedoms are created, one’s own opportunities are secured
through the destruction of foreign living environments, one’s own circumstances are
lived out through a policy at the expense of third parties.” [16] PUMA and OTTO-
Versand, for example, have calculated how high the externalised costs are in envi-
ronmental and social terms in the context of their productions.
Sustainability in the comprehensive sense means that any externalisation of costs
for the use of common resources is excluded.
6 J. Hoffmann
4 Exclusion Criteria Versus Best-in-Class Approach
When sustainability ratings are applied, a list of exclusion criteria is often omitted.
Exclusion criteria often include the following: “There is no investment in compa-
nies which manufacture weapons of war and other military equipment, which carry
out animal experiments, which produce addictive substances such as alcohol and
tobacco, or which violate human rights”. There are some reasons why companies
and capital investments should not be assessed on the basis of exclusion criteria:
The first reasons are historical. The first step in the ethical-environmental evalu-
ation of capital investments was made through exclusion criteria. In addition, the
use of exclusion criteria corresponds to an Anglo-Saxon practice and tradition. At
the beginning of the 1990s, when banks in Germany were considering the ethical-
environmental evaluation of capital investments, they came to the conclusion that
the German-speaking and continental European markets required a more differenti-
ated criteriology. The application with a more or less large number of exclusion
criteria alone was inappropriate to our moral understanding.
For this reason, the research group Ethical-Environmental Rating presented the
Frankfurt-Hohenheim Guideline in 1997, the only internationally recognized crite-
rion to date. The guideline comprises approx. 850 individual criteria, which extend
over three value dimensions, namely:
–– environmental compatibility
–– social compatibility
–– cultural compatibility.
Together with Oekom Research AG, Munich, the project group welded this
unique evaluation system into a rating concept, the Corporate Responsibility Rating
(=CRR). Both in the Criteriology of the FHL and in the questionnaire of the CRR,
the items are queried in a differentiated form, which are also targeted with exclusion
criteria. In contrast to the examination of as many individual companies as possible
according to exclusion criteria, the CRR rates as many companies as possible in a
specific industry. The companies are not only evaluated individually and then
excluded if necessary, but rather viewed in relation to their competitors in their own
industry, i.e. they are given an ethical-environmental rating within their industry. In
other words: through the Corporate Responsibility Rating an investor can select the
companies that are assessed as “best-in-class”.
This process not only offers a transparent opportunity to make ethical-
environmental investment decisions, but also Its investment decision led by the
“best-in-class system” has ethical-environmental effects on the overall economic
development, because it triggers ethical competition both within the companies and
between the industry sectors.
This is very helpful for an ethically oriented investor, since he not only pursues
his individual interests, but at the same time sets in motion other developments in
the economy that trigger ethical-environmental innovations on a broad basis and
bring about a gradual change in the capital market towards more ethical
performance.
The “best-in-class approach” takes into account the fundamental ethical experi-
ence that every human action has a double effect, i.e. has both positive and negative
consequences. This dilemma cannot be avoided by relying on exclusion criteria. In
the CRR according to the Frankfurt-Hohenheim Guidelines, no company is there-
fore deliberately excluded from the outset; instead, the ratings show the degree of
ethical-environmental responsibility the company shows in comparison with its
competitors. In addition, an opportunity and risk assessment or an analysis of the
company’s strengths and weaknesses makes it transparent to the companies as to
how they can improve ethically. In the long term, we should continue along this
path. Obviously, there are other forms which go into the same direction, i.e. engage-
ment, measuring actual impact (i.e. through the SDGs).
However, we are becoming more and more aware that, in the medium and long
term, ethical competition within and between industries will require us to expand
the ethical-environmental investment spectrum as much as the climate crisis
requires.
The effects that this has had and will have on the financial market are consider-
able, but far from sufficient for rapid and effective change in the economy if we
want to mitigate or even avert a catastrophe.
To avert a catastrophe, I consider the concept of radical decarbonisation devel-
oped by Thomas Weber together with Nana Karlstetter and Gerhard Hofmann to be
effective. If we want to make the continued existence of mankind and the world
possible, we must become aware of the approaching climatic catastrophe so as to
transform our behaviour to drastically reduce world-wide CO2 emissions. How is
this possible?
The concept “starts with the reduction of the release of previously fossil-bound
CO2, because the environmental necessity demands an absolute quantitative upper
limit and thus an almost complete cessation of this release in the future as a prereq-
uisite for all further transformation steps ….” [17] On the basis of the current CO2
release and an upper limit for global warming of 1.5 degrees Celsius, the global CO2
budget available within the upper limit should be largely exhausted in 20 years at
the latest—even with a drastic continuous reduction. The proposal therefore aims at
implementation (decarbonisation) in 20 years.
The aim of the proposal is to shape the transformation socially in such a way that
it meets the equality requirement necessary for the acceptance of the transformation
by providing all citizens with an equal CO2 budget—i.e. an equal share of natural
resources—and by ensuring that the transformation does not result in only the rich
being able to consume CO2, i.e. that financial resources are redistributed from
“wrong” to “right” consumption. In this context, “right” means avoiding products
and services that release CO2. This requires that citizens, as consumers, be given an
incentive and the opportunity to receive an income that they would not have without
this transformation, i.e. that a prerequisite be created for the acceptance of the nec-
essary transformation.
8 J. Hoffmann
The working concepts of “transformation capacity”, “transformation income”

(sometimes called a carbon dividend), etc. are to be understood as transitional con-
cepts (“transition concepts”). They can certainly be understood as preliminary
stages for a “natural asset” to be determined after the phase of transition, from
which a “basic natural income” is financed.
The proposal starts with CO2 emissions, for which the transformation provides
for an almost complete decarbonisation of economic life. In this respect, the con-
crete proposal can also be described as a “decarbonisation capacity”/“decarbonisation
income”. A future basic natural income will then be based on the total natural
resource use or material flows [18]. This will generate part of the capital required
for the transformation of society. According to the United Nations Conference on
Trade and Development (UNCTAD), between USD 3.3 and 4.5 trillion annually in
public, private, national and international funds are needed to cover the financial
requirements for the major transformation and implementation of Agenda 2030 for
sustainable development with its 17 Sustainable Development Goals (SDGs)—and
only in developing countries. This is also a challenge for the ECB [19].
5 ECB and Sustainability
As Harald Bolsinger made clear in his petition to the European Commission, “the
European Central Bank (ECB) is indirectly involved in undermining the fundamen-
tal values of the European Union. This is done on a daily basis by trading in securi-
ties linked to breaches of the Charter of Fundamental Rights of the European Union.
The impact of this action may have a significant impact on the further development
of the European Union, given the large volumes of transactions carried out by the
ECB.” [20]
5.1 What Are the Causes?
One cause—perhaps even the origin—is the stimulation of growth and financial
assets by the German Act to Promote Economic Growth and Financial Assets
(StabG) of 1967. The act came into being under the chancellorship of Kiesinger and
Economics Minister Schiller. In the interest of a more or less even economic growth,
the ideas of John Maynard Keynes came into play and replaced the previously pre-
dominant ordoliberal thinking. During my economics studies in Munich 1963—1965
I remember the lectures of Prof. Pfister e.g. on “General Economics and Economic
Policy”. Nature, labour and capital were taught to us as the basis or means of pro-
duction of the economy as equivalent and equally to be considered means of eco-
nomic development. Or to put it another way: natural capital as the totality of the
natural goods of production and social capital as the totality of the production pre-
requisites provided by the respective culture.
The StabG was accompanied by a prioritisation and absolute setting of financial

capital with the result that natural capital and social capital could be instrumental-
ised for the externalisation of costs in favour of financial capital. The result is impure
capitalism, i.e. the consumption of natural capital, as the climate crisis clearly shows
us. Social capital is also being consumed. Income disparities are widening globally,
the number of unused workers is increasing, monotonous shopping streets are
emerging, and so on. This is not a sustainable economic development, neither from
an economic point of view nor even less from an environmental and social
perspective.
This development was reinforced by the consequences of the German Agenda
2010. Unfortunately, the critical objections to the StabG, e.g. by the Enquete
Commission “Growth, Prosperity, Quality of Life” (2010–2013) or in 1990 by
members of Bündnis 90/die Grünen in the German Bundestag, were not successful.
In my opinion, another reason lies in the person of Mario Draghi, the outgoing
ECB President. On the one hand, he is praised as an outstanding thinker and finan-
cial specialist. Peer Steinbrück says of him: “In a major crisis, he represented the
only institution in Europe capable of taking action with the ECB and was con-
demned to be a substitute actor in politics.” [21] But he does ask us to consider
whether, given the current high level of liquidity, the “negative interest rate phase”
must be abandoned. Steinbrück is not alone in this opinion. “Zero interest rates and
bond purchases have consequences for the distribution of wealth in society” [22]
and—as I see it—consequences for the preservation of natural capital and the cli-
mate crisis. Jens Weidmann, President of the Bundesbank, also opposed “Draghi’s
policy of easy money …. the consequences of the recent further reduction in the key
interest rate are so clearly felt in the lives of many citizens that even former support-
ers find that things should not go on like this. In an open letter, former central bank-
ers from Germany, France, Austria and the Netherlands have opposed the ECB’s
previous monetary policy [23]. Draghi is considered a respected specialist. But he
also gives the impression that he did not sufficiently discuss his considerations and
decisions in discourse with other experts and their perspectives. He seems to be a
lonely decision-maker. That is dangerous, because: we may live on specialists, but
we should avoid dying from their monologues.
References
1. Jean Ziegler, in: Tahir Chaudhry, Süddeutsche Zeitung, 2./3.9.2017, Nr. 202, Seite 50. See:
Jean Ziegler. Der schmale Grat der Hoffnung. Meine gewonnenen und verlorenen Kämpfe und
die, die wir gemeinsam gewinnen werden, München 2017.
2. Webster, Peter, Ethical Investment Research Service, London; in: Roche, Peter/Hoffmann,
Johannes/Homolka, Walter, Hg., Ethische Geldanlagen. Kapital auf neuen Wegen, Frankfurt
1992, p. 62-77.
3. Hoffmann, J. /Ott, K. /Scherhorn, G., Hg. , Ethische Kriterien für die Bewertung von
Unternehmen – Frankfurt-Hohenheimer Leitfaden, Frankfurt/Stuttgart 1997
4. Information: www.cric-online.org
10 J. Hoffmann
5. Information: www.forum-ng.org; see also the very informative last newsletter Nr. 95,
August 2019.
6. http://www.gsi-alliance.org/wp-content/uploads/2019/06/GSIR_Review2018F.pdf
7. Information: [email protected]
8. Zitiert nach oekom, Corporate Responsibility Review 2012, p. 14.
9. Schäfer, H.; Hauser-Dietz, A.; Preller, E.S., Transparenzstudie zur Beschreibung ausgewählter
international verbreiteter Rating-Systeme zur Erfassung von Corporate Social Responsibility,
Gütersloh/Stuttgart 2004
10. Döpfner, C.; Schneider, H.A.; Nachhaltigkeitsratings auf dem Prüfstand. Pilotstudie zu
Charakter, Qualität und Vergleichbarkeit von Nachhaltigkeitsratings, Erkelenz 2012,
see: https://www.cric-online.org/images/individual_upload/publikationen/nachhaltig-
keitsstudie2012.pdf.
11. Rat für Nachhaltige Entwicklung, see www.nachhaltigkeitsrat.de/nachhaltigkeit.
12. Meyer-Abich, Klaus Michael (2001): Nachhaltigkeit – ein kulturelles, bisher aber chancenlo-
ses Wirtschaftsziel, in: Zeitschrift für Wirtschafts- und Unternehmensethik 2 (3), 303f.
13. see Art. 20a Grundgesetz: „Der Staat schützt auch die natürlichen Lebensgrundlagen.“
14. See Kaltenbrunner, Gerd-Klaus, Schmarotzer breiten sich aus. Parasitismus als Lebensform.
Die öffentlichen Verschwender/Zur Philosophie des Parasitären/Der Staat und das ‚Soziale‘/
Paradoxien des unbeschwerten Menschseins … München 1981.
15. See for the acceptance of repentance in other contexts: Käppner, Joachim, Die späte Reue der
Konzerne, in Süddeutsche Zeitung 28./29.Mai 2014, Nr. 122, Seite 17.
16. St. Lessenich, Neben uns die Sintflut. Westlicher Wohlfühlkapitalismus lebt nicht über seine
Verhältnisse. Er lebt über die Verhältnisse anderer, in: Süddeutsche Zeitung, 30.10.2014,
Nr. 250, 9.
17. Weber, Thomas, Politischer Vorschlag zu einem „Transformationsvermögen“/
„Transformationseinkommen“als Gestaltungs- und Steuerungsinstrument in
der unausweichlichen sozial-ökologischen Transformation. Cited from man-
uscript in preperation (21.2.2019), und https://www.agentur-zukunft.
eu/2019/06/111-vollstaendige-dekarbonisierung-budgetorientiert/
18. Hofmann, Gerhard/Karlstetter, Nana/Weber, Thomas, , Politischer Vorschlag zu einem
„Transformationsvermögen“/ „Transformationseinkommen“als Gestaltungs- und
Steuerungsinstrument in der unausweichlichen sozial-ökologischen Transformation.
Manuskript from 21.2.2019, cited from Hoffmann, Johannes, Meine Träume zu Kirchfinanzen
und Kirchenentwicklung in Deutschland, Genf 2019, p. 79ff.
19. Zitiert nach: Stremlau, Silke, Nachhaltigkeit als Chance – Haltung, Regulatorik und
Querdenken im Finanzmarkt, manuscript, p. 3.
20. Bolsinger, Harald, Petition from May 2017; http://www.wirtschaftsethik.biz/publikationen/
verpflichtung-der-Europäischen-Zentralbank-auf-EU-Grundrechte
21. Gammelin, Cerstin, Interview, Die Geldpolitik hat ihre Handlungsfähigkeit verloren. Maria
Draghi, der scheidende Präsident der Europäischen Zentralbank, hat vieles richtig gemacht,
findet Peer Steinbrück – etwa mit Niedrigzinsen geholfen, als die Euro-Staaten Reformen
versäumten. Dann aber habe er den entscheidenden Moment verpasst, in: Süddeutsche
Zeitung, 22.10.2019, Nr. 244, p. 22.
22. Zydra, Markus, Neue Frankfurter Schule. Schluß mit Notenbanker-Fachsprech? Was die desig-
nierte EZB-Chefin Lagarde anders machen will als ihre Vorgänger, in: Süddeutsche Zetung,
3.9.2019, Nr. 203, p. 17
23. Gammelin, Cerstin, Jens Weidmann. Geldpolitischer Oppositionschef in der EZB, in:
Süddeutsche Zeitung, 17.10.2019, Nr.240, p. 4
Ethical Standards Beyond Monetary
Policy: Approaches to a Philosophical
Foundation
Bernd Villhauer
Abstract This paper illustrates why the European Central Bank has obligations
that go far beyond economic and financial market-related responsibilities. As a
European institution, it is committed to a core set of values, especially with regard
to the preservation of human rights. These obligations are part of its contribution to
the creation of a social and ecological market economy in Europe and do not con-
flict with its regulatory and market-related responsibilities.
The tasks of the European Central Bank (ECB) and the matters it deals with are
wide-ranging. The 1992 Maastricht Treaty and the 2007 Lisbon Treaty defined the
fundamental elements of what the ECB is and how it should function. Since the
Lisbon Treaty, the ECB has been defined as an inherent institution of the EU: like
the European Parliament, the European Council, the Council of the European
Union, the European Commission, the Court of Justice of the European Union and
the European Court of Auditors.
What is the specific responsibility and jurisdiction of the ECB as an EU institu-
tion as well as a European institution? It is important to bear this in mind at a fun-
damental level, for Europe is not only a community of peace and economic
togetherness, but also a community of shared-values based on philosophical and
ethical principles. These values also bind us together as Europeans, and these same
values will allow us to create a sustainable future.
B. Villhauer (*)
Weltethos-Institut at the University of Tübingen, Tübingen, Germany

12 B. Villhauer
1 Europe as a Community of Shared Values
The question now is: how can we actually turn our pretty soap-box speeches into a
concrete reality? In order to answer this question, the European contracts and trea-
ties must be examined closely. The European founding documents reveal a threefold
origin in terminology as well as in objectives:
–– From the philosophical heritage of ancient Greece and Rome
–– From the Christian set of values and its perception of humankind
–– From the eighteenth century Enlightenment.
These elements have contributed to a European understanding of values as a
basis for national and transnational structures; the dynamics of the European unifi-
cation process with all its paradoxes and contradictions will be better understood if
we recognize this variety and hold ourselves back from pitting one element against
the other. The shared-values as a whole give the European project its specific
identity.
In order to gain a better understanding of the intellectual foundations of Europe,
the major speeches and announcements of important actors must be taken into
account. It is imperative to know how Robert Schuman, Konrad Adenauer, Alcide
de Gasperi, Walter Hallstein, Jacques Delors, Helmut Kohl and Jean-Claude Juncker
described the European shared-value system. We will then have a better understand-
ing of the hopes and goals with which our European “home” was built.
This has been put into concrete terms in European treaties such as the Maastricht
Treaty, which merges the previous unification treaties into the various European
Communities (EEC, ECSC, EURATOM). However, the concrete formulations in
the founding documents of the EU must always be understood within the frame-
work of their philosophical and ethical prerequisites. These lead to a specifically
European conception of humankind which can be expanded into individual values.
A series1 edited by Clemens Sedmak lists: Solidarity, Freedom, Equality,
Tolerance, Peace and Human Dignity. However in 2010 and 2018 the European
Commission conducted a survey to gain insight into what Europeans believed to be
inherent “European values” and obtained the following results: peace, human rights,
democracy, rule of law, solidarity/support of others, respect for human life, freedom
of the individual, respect for other cultures, equality, tolerance, self-realization and
religion. Interestingly, there was a noticeable shift of emphasis on certain values
from November 2010 to March 2018. In 2018 “peace” was at the top of the list with
39%, in 2010 “human rights” and “democracy” were both at the top with 38% each.
The proportion of people who found “none of these values” important was 3%
(2010) and 5% (2018).2
1
Clemens Sedmak (ed.), Grundwerte Europas, Darmstadt (WBG), 7 volumes, 2010-2017
2
Europäische Kommission: Eurobarometer 89: Die europäische Bürgerschaft, 03/2018,
Eurobarometer 74: Die öffentliche Meinung in der Europäischen Union, 11/2010
Ethical Standards Beyond Monetary Policy: Approaches to a Philosophical Foundation 13
The Treaty on European Union, Article 2 reads as follows: “The values on which
the Union is founded are respect for human dignity, freedom, democracy, equality,
the rule of law and respect for human rights, including the rights of persons belong-
ing to minorities. These values are common to the Member States in a society in
which pluralism, non-discrimination, tolerance, justice, solidarity and equality
between women and men prevail.” Such statements cannot be properly interpreted
unless it is clear that they are intended to build a framework of action based on ethi-
cal convictions and standards. This also applies to economic activities within
Europe, as well as to our foreign trade relations.
Article 3, paragraph 3 states, “The Union shall establish an internal market. It
shall work for the sustainable development of Europe based on balanced economic
growth and price stability, a highly competitive social market economy, aiming at
full employment and social progress, and a high level of protection and improve-
ment of the quality of the environment … ” According to the EU, then, it is a social
and ecological market economy. It is prepared to combine economic development
with social and political objectives instead of pitting them against each other. This
was made clear as early as May 9th 1950 in the famous Schuman Declaration, “The
French Government proposes that Franco-German production of coal and steel as a
whole be placed under a common high authority, within the framework of an orga-
nization open to the participation of the other countries of Europe. the pooling of
coal and steel production should immediately provide for the setting up of common
foundations for economic development as a first step in the federation of Europe,
and will change the destinies of those regions which have long been devoted to the
manufacture of munitions of war, of which they have been the most constant
victims.”
The Treaty of Lisbon states that the EU should develop into a “competitive social
market economy.” Ensuring prosperity and full employment should go hand in hand
with preserving employers’ rights. It is no coincidence then that the treaty also
declares the EU’s accession to the European Convention on Human Rights.
It begs the question then, how can we connect the economy and the shared-
values in the context of the European institutions? How can traditions become
guidelines for action and what does this mean for the ECB?
2 Values and Law
One of the classic mechanisms of arbitration and implementation is the law. The
implementation of ethical principles via legal means must be required and pro-
moted. European law can certainly be understood as an implementing body of a
shared understanding of values, also with regard to the ECB's policy. The European
Community sees itself as a constitutional entity. Its actions and the role of the
institutions are laid down in treaties. All treaties, from the Treaty of Rome (1957) to
the Treaty of Lisbon (2007), were repeatedly amended, construed in debates and
reshaped in detail. The European Central Bank, with its legal foundation, is also the
14 B. Villhauer
subject of such discussions, with both the various national concerns and the EU’s
position in world markets dictating contexts for discussion.
But this is where the fundamental issue of the ECB’s independence comes into
play. The central bank was designed as an independent body with an extensive
scope for action for good reason, and it has been assigned the main task of ensuring
price stability for equally good reason. How can its mandate be understood in this
context? Clearly, the ECB must be independent of political influence in its decision
making. It was not created to support the economic policies of individual actors; it
must make decisions for the good of the European community as a whole and main-
tain a long term perspective. It can only do both as an independent institution.
However, it is also inherently embedded in fundamental European norms such as
the recognition of human rights, and therefore also dependent on these norms. These
shared values can be understood as essential elements and prerequisites of the ordo-
liberal framework which the ECB, like all other EU institutions, must adhere to. The
ECB is free to act independently within this framework. The drafting of the ECB's
price stability policy also occurred independently within this framework.
3 he Law as the Only Available Implementation Measure

T
Within the Context of a Social and Ecological
Market Economy?
Is this legal dimension sufficient? The connection between law and values can be
addressed with this question: where does the relation with codified law begin, and
where does it end? When must law be complemented by ethical reflection in theory
and an ethos in practice? The age-old debate on “law” vs. “justice,” i.e. on the nor-
mative aspects of law, cannot be addressed here. We leave this to Feuerbach,
Radbruch, Geiger, Kelsen, Fikentscher and Rüthers, all of whom can give insight
into this complex question. The former President of the Constitutional Court of
Baden-Württemberg, Eberhard Stilz, described the relationship between law and
ethics as follows, “… the totality of moral norms, i.e. the ethos, is an indispensable
foundation and reference for legal norms.”3
He argues that the supreme law within our legal system is also our most funda-
mental value: the inviolability of human dignity. To further illustrate his point he
quotes the so-called Böckenförde Dilemma, which I will cite here in shortened
form, "the liberal, secularized state lives by requirements that it cannot guarantee
itself (…) On the one hand the liberal state can only survive if the freedom it grants
its citizens is regulated from within by the moral substance of each individual and
the homogeneity of society itself. On the other hand, it cannot guarantee these inter-
nal regulatory forces on its own, by means of legal coercion and authoritative
decrees, without relinquishing its liberal character, and, on a secularized level slip
3
In: Ulrich Hemel (ed.), Weltethos für das 21. Jahrhundert, Freiburg i.Br. 2019, pg. 140
back into totalitarianism from which it once led society out of in the
Confessional Wars.”4
I believe it to be of use to relate this insight, which initially refers to religious
traditions and norms, to the sphere of the European legal system. First of all, it is
important to note that the European system is very different from what the above
citation deems the “state.” Next we must ask whether or not, and if so how, the con-
cept of "homogeneity" plays a role. If homogeneity is not defined too narrowly, as
cultural, linguistic or even ethnic homogeneity, then we can broaden our view of
living together on the basis of shared-values, a European understanding of what it
means to be humans, a European understanding of the world and also of the law.
This is not only theoretical in nature, but based on experience; anyone who has trav-
eled outside of Europe, whether it be to Ghana or Paraguay, to China or Korea, or
even to the USA or Russia, has surely noticed how specifically European her or she
is, and undoubtedly realized what connects him or her with a Portuguese, a Polish,
or a Dutch person.
It is interesting that Böckenförde explicitly refers to the establishment of peace
after the series of religious wars, which were inherently European conflicts. He also
addresses another aspect that is important to fully comprehend the moral founda-
tions or parameters of legal provisions: the interpretation of legal norms, as well as
their implementation and practical application in everyday life. In a liberal or free
society, a person must constantly make the conscious choice to comply with legal
norms. They must also interpret them in a way that corresponds to the overall con-
text and objectives of the legal system. Their individual ethos and their ethical com-
petence to speak and act in the right way must complement the legal guidelines; in
essence breathe life into them. “Compliance” must be complemented by
“conscience”—a constant check of one’s conduct and one’s conscience.
This applies to both the individual as well as the collective level. The economic
and financial policy of the EU must also be subject to a constant process of critical
self-reflection. This critical reflection has two advantages: on the one hand, it
enables internal learning processes both in the specific field of financial policy and
in the larger field of European unification. On the other hand, it abets international
legitimacy, strengthens unity and imparts vitality. This is more important than ever
in view of the current rise of national populisms and the crisis of multilateral orga-
nizations and agreements.5
4
Quote from: Hemel 2019, pg. 143
5
A reference concerning the threat to the regulatory and arbitrational role of the World Trade
Organization (WTO) in the current (December 2019) world situation must be included here.
16 B. Villhauer
4 he ECB’s Contribution to a European Social

T
and Ecological Market Economy
Alongside a variety of measures, the ECB practices enormous interventions with its
purchasing programs. Broad, sweeping statements (“whatever it takes..!”) regarding
future policies inherently impact and change the situation of all market participants.
This power must go hand in hand with responsibility and accountability. Ethical
competences must be a vital requirement in the political and economic sphere as
well. The social market economy in Germany is a perfect example of how an ethical
framework does not destroy the market, but shapes it instead. Looking at the German
economy, ethics is clearly not a limiting factor, but rather a driver of innovation.
Therefore the “responsible finance approach” also opens doors, not to restrict the
financial market, but to transform it.
Pricing mechanisms play a special role here. It is worth recalling the discussions
regarding the Corporate Sector Purchase Programme (CSPP) and the criticism of
economists as to whether the wrong incentives for price formation were given,
whether misallocations were abetted and whether there was a risk of market distor-
tion. It is not easy to find a balance, but much like the adherence to the standards of
fundamental human rights and social norms, we must find a way to design a sustain-
able market that does justice to the current situation and paves the way for a social
and ecological market economy. To this end, however, the naive idea of self-
regulating markets must be put into question. Theorists can learn a lot from practi-
tioners who have long been confronted with political markets or pricing mechanisms
in which externalizations of the costs of environmental destruction are not factored
into the price.
5 Market Conforming and Non-market Based Policies
Of particular interest to researchers are the specific characteristics of the financial

markets that allow for modelling. It must be noted that it is not the purpose of this
paper to delve into detail regarding the markets types which are suitable for shaping
within the framework of the social market economy. It is obvious, however, that in
particular the financial markets, with their political dependencies, their powerful
stakeholders, their monopolies and oligopolies and their mixture of a high degree of
regulation regarding certain national concerns and uncontrolled growth on a global
level, definitely do not correspond to the market-ideal found in textbooks.
The interaction between the law and compliance complicated by the many gray
zones renders voluntary legal compliance insufficient; instead the EU institutions
must constantly question whether they are acting on the basis of the shared-values.
A region like Europe, which is becoming increasingly unimportant in military and
economic terms, is particularly dependent on moral authority.
This is not necessarily connected to a singular “European identity” or with

encroaching bureaucratic standardizations. It is precisely this unity in diversity, this
awareness of common goals and obligations, e.g. the protection of human rights that
can offer Europe a way out of its present crises.
The realization that economic dynamism must also be utilized in order to ensure
a successful coexistence lies at the heart of the matter. Nothing can effectively put a
stop to today’s market forces—but it is possible and crucial to control the direction
and dosage of these forces, as well as the creation and modelling of specific market
situations. Within this context it is helpful to analyze the determining factors regard-
ing a European market economy which fosters people and the environment through
the lens of institutional economics.
6 uture Tasks for the President: Christine Lagarde’s

F
Decisions
What will be the development of the ECB’s concrete policy in the near future? This
depends on many factors, such as the global economic environment and nationalist
and populist movements in the various countries. However, the policy of the new
ECB President Lagarde will also play a major role in this development. There are
many indications, based on what has been made public regarding Christine Lagarde’s
plans, that sustainability will play a greater role, at least the tendency seems to be
there. Two major recurring themes in her speeches are “responsible finance” and
“sustainable finance.” Will she really put more emphasis on a more sustainable
Europe? In the past, she has repeatedly taken a stand for a more sustainable and
ethically minded financial system.
Any actions taken in the direction of accountability and sustainability will not
only presumably harmonize with the "Green New Deal" announced by Ursula von
der Leyen, President of the European Commission, but also mutually reinforce one
another. However, resistance from the ECB’s Executive Board, and/or from the cen-
tral banks of member states is also to be expected. A well- known voice of opposi-
tion is the president of the Bundesbank, Jens Weidtmann, who stated at an ECB
event in Frankfurt in October 2019, “I believe that a resolute and effective climate
policy is necessary—but only by implementing the right measures and via demo-
cratically legitimized actors.” He continues, clearly taking an opposing stance in
light of demands for the purchase of “green” bonds and the creation of a sustainable
portfolio: What measures should be taken, what behavior should be encouraged or
punished? These are political questions that elected governments and parliaments
must answer.”6
It is within Christina Lagarde’s power to put this in a new perspective. At the
hearing before ECON, the European Parliament’s Committee on Economic and
6
Quotes from: „Handelsblatt“, 29.10.2019
18 B. Villhauer
Monetary Affairs, which was part of her nomination process, she stated, “… the
discussion on whether, and if so how central banks and banking supervisors can
contribute to mitigating climate change is at an early stage but should be seen as a
priority.” However, she also pointed out the leadership responsibility of the European
Commission, “The most appropriate, first-best policy response and initiatives pri-
marily fall outside the realm of central bank policies.”7 It remains to be seen what
this will mean for the ECB.
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Wirtschaftskulturen, München (C.H. Beck) 2018
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Strategie und Politik der EZB und die Probleme in der EWU, Marburg (Metropolis) 20083
5. Ulrich Hemel (ed.), Weltethos für das 21. Jahrhundert, Freiburg i.Br. (Herder) 2019
6. Hans Joas/Klaus Wiegandt (ed.), Die kulturellen Werte Europas, Frankfurt a.M. (Fischer) 20105
7. Clemens Sedmak (ed.), Grundwerte Europas, Darmstadt (WBG), 7 volumes, 2010-2017
8. Alexander Thiele, Die Europäische Zentralbank: Von technokratischer Behörde zu politischem
Akteur?, Tübingen (Mohr Siebeck) 2019
7
Quotes from: „The Parliament”, 06.09.2019
Fundamental Rights in the Core Business
of the ECB: No Issue?!
Experience with the EU Petition 429/2017
Harald J. Bolsinger
Abstract Petition 0429/2017 has been brought forward by Prof. Harald Bolsinger.
In this article he describes backgrounds and developments around the petition. The
petition, submitted on May the 8th 2017, addressed the investments policy of the
ECB. Compliance with EU Fundamental Rights, it claimed, should be specifically
included into the eligibility for EU owned assets. As Bolsinger explains, at the
moment the ECB is involved in violations of the Charter of Fundamental Rights of
the European Union through possession and trading of unethical securities.
1 How It All Began
Our world is facing major economic, ecological, cultural and social challenges,
which all influential players must help to overcome—including the financial indus-
try. This experience report explains the origins of the EU petition 0429/2017 and its
development until the end of 2019. This paper describes the process from the peti-
tioner's subjective point of view and thus conveys his personal perception and
opinion.
1.1 Climate Challenge and Beyond
The earth’s temperature will most likely increase by nearly 5 degrees Celsius by
2050 if all companies worldwide were to follow the production of the companies in
the DAX 30! The global warming contribution of the DAX 30 companies ranges
from just under 1 to up to 11 degrees Celsius. This would surely result in the utter
ruin of the earth and humanity as a whole would be threatened. This climate indicator
H. J. Bolsinger (*)
Faculty for Economics and Business Administration, University of Applied Sciences
Würzburg-Schweinfurt (FHWS), Münzstraße 12, Würzburg, Germany

20 H. J. Bolsinger
is known as “X-Degree-Compatibility” (XDC) and expresses, on the basis of scien-

tific data, by what degree the earth would warm up by 2050 if the behavior of the
company in question were to be adopted by all companies worldwide. (see www.
right-basedonscience.de/en) Similar estimations can be made regarding all other
global challenges focusing on a sustainable global society. The results are equally
frightening and have opened our eyes to the fact that “business as usual” is no longer
compatible with the goal of a dignified and secure future. Many of our current sup-
ply chains and production methods are still fraught with human rights violations,
environmental degradation and corruption, even though we operate within a global
regulatory framework designed to counter act such unacceptable and contemptible
behavior. The various analyses of established sustainability rating organizations
prove that the number of ethical issues in companies has increased in all industries
(see e.g. data from www.issgovernance.com/esg/)
Profitable business models that have implemented unethical and destructive
management almost as a matter of course can only be changed holistically by
depriving them of the economic basis for their ethically questionable behavior. Not
only can consumers exert influence by voluntarily changing their consumer behav-
ior, but financial market players can also indirectly influence ethical economic
activity instead of sharing responsibility for unethical economic behavior.
Commercial banks and insurance companies can make a positive contribution with
their investment policy, as can central banks. For Europe, “can” does not apply to
the Central Bank, instead it is a “must” that has already been codified in terms of
regulatory policy, as Bernd Vilhauer's previous contribution makes clear.
1.2 Hidden Places of Horror
While accompanying a courageous, small universal bank in Germany on its way

from a regular bank to a bank focusing on sustainability, I noticed some important
points in the reorganization of the investment policy which affect all banks equally;
it is within the decision-making authority and responsibility of the bank itself to
invest its funds in areas that have either beneficial or detrimental impacts on society.
Due to the widely prevailing view that investment decisions are not ethical deci-
sions, but rather a balancing act between return, risk and liquidity, horrible invest-
ment decisions regarding treasury and investment policy are not unusual.
Commercial banks invest in a wide range of companies that quite obviously destroy
the environment; they invest in large banks that have already been convicted in the
past for their corrupt and criminal behavior, or even in companies that exploit peo-
ple treating them like slaves. How can this happen? First of all the blindness of the
decision-makers regarding the ethical dimension of their investment decisions is to
blame. However this can easily change if we take the blinders off by creating a clear
definition of exclusionary ethical criteria and a sustainability rating prior to the
investment decision. Whether you’re a bank teller at a small bank or the CEO of a
billion-dollar institution, it’s clear to everyone that a willingness to invest signals
Fundamental Rights in the Core Business of the ECB: No Issue?! 21
the belief that the business in question shall grow or at least remain as profitable as
it is at the time of investment. Nobody invests with the intention that his investment
will be lost or that the return expectations will not be met. Investment and lending
therefore have a clear normative dimension: what the money is invested in is
regarded as desirable, worthy of promotion and ethically good. With his money, the
investor enables growth and continuity of the business in which he invests. However,
countless commercial banks act as if this is not the case. They publicly present
themselves as trustworthy, honest and credible having no intention to do anyone or
anything harm. Unfortunately, their investment activities reflect exactly the oppo-
site. They often green wash their actions by putting solar panels on the roof, offering
Fair Trade coffee to their customers and printing on recycled paper. At the same
time, however, billions are invested in coal-fired power plants, exploitative business
models and large banks that actively promote tax avoidance and conduct wealth
management for war criminals. These depots or “places of horror” are hidden from
the public and remain undisclosed for reasons of competition policy.
1.3 The ECB as Role Model
While commercial banks can largely determine their own exclusion criteria for
investments, this has never been the case for the European Central Bank. The mini-
mum requirement regarding the ethics of this European institution’s portfolio policy
is laid down in a binding agreement in the Charter of Fundamental Rights of the
European Union. The Lisbon Treaties empower the EU Charter of Fundamental
Rights as the primary law in all European institutions. This is also true for the ECB!
All the activities of the ECB as an European institution must, therefore, comply with
the codified values of the Charter of Fundamental Rights. This is the sober regulatory
framework that is already in place and this is how the ordoliberal principle of our
European eco-social market economy functions. This is also the reason why in the-
ory the ECB is a role model for the commercial banks to not participate in and not
promote environmental destruction, the acceptance of child labor as well as slave
labor, the facilitation of corruption and fraud in its financial market policy, which is
designed independently of day-to-day political influence. Upon first glance I thought
monetary policy does not need to go hand in hand with companies that commit the
above-mentioned crimes in order to function. However, on closer inspection, I dis-
covered that the ECB does not care at all about its exclusionary criteria or has even
been remotely held accountable to them by anyone so far! It became clear to me why
so many, and I mean so many, commercial banks do not waste a single thought on the
indirect impact of their investments. For the great regulator, the ECB, does not do it
either—although it has been obliged to do so for more than a decade. So why should
the small commercial banks be obligated to do so?
The reason for this blatant ignorance is quite simple and wearisome—it is to
maintain a so called “market neutrality.” Participation in corrupt business and tar-
geted environmental destruction is owed to market neutrality—that’s the way the
Another Random Scribd Document
with Unrelated Content
The Project Gutenberg eBook of History of the
United States of America, Volume 2 (of 9)
This ebook is for the use of anyone anywhere in the United States
and most other parts of the world at no cost and with almost no
restrictions whatsoever. You may copy it, give it away or re-use it
under the terms of the Project Gutenberg License included with this
ebook or online at www.gutenberg.org. If you are not located in the
United States, you will have to check the laws of the country where
you are located before using this eBook.
Title: History of the United States of America, Volume 2 (of 9)

During the first administration of Thomas Jefferson
Author: Henry Adams
Release date: December 24, 2023 [eBook #72499]
Language: English
Original publication: New York: Charles Scribner's Sons, 1889
Credits: Richard Hulse, Karin Spence and the Online Distributed

Proofreading Team at https://www.pgdp.net (This file was
produced from images generously made available by The
Internet Archive/American Libraries.)
*** START OF THE PROJECT GUTENBERG EBOOK HISTORY OF

THE UNITED STATES OF AMERICA, VOLUME 2 (OF 9) ***
THE FIRST ADMINISTRATION
OF
THOMAS JEFFERSON
1801–1805
HISTORY
OF THE
UNITED STATES OF AMERICA
DURING THE FIRST ADMINISTRATION OF
THOMAS JEFFERSON
By HENRY ADAMS
Vol. II.
NEW YORK
CHARLES SCRIBNER’S SONS
1889
Copyright, 1889,
By Charles Scribner’s Sons.
University Press:
John Wilson and Son, Cambridge.
CONTENTS OF VOL. II.
CHAPTER PAGE
I. Rupture of the Peace of Amiens 1
II. The Louisiana Treaty 25
III. Claim to West Florida 51
IV. Constitutional Difficulties 74
V. The Louisiana Debate 94
VI. Louisiana Legislation 116
VII. Impeachments 135
VIII. Conspiracy 160
IX. The Yazoo Claims 192
X. Trial of Justice Chase 218
XI. Quarrel with Yrujo 245
XII. Pinckney’s Diplomacy 264
XIII. Monroe and Talleyrand 288
XIV. Relations with England 316
XV. Cordiality with England 342
XVI. Anthony Merry 360
XVII. Jefferson’s Enemies 389
XVIII. England and Tripoli 410
Index to Vols. I. and II. 439

THE COAST OF
WEST FLORIDA
AND
LOUISIANA
(From Jeffery’s American Atlas. London, 1800.)
HISTORY OF THE UNITED STATES.
CHAPTER I.
Congress expired; Monroe set sail March 8, 1803; Washington
relapsed into silence; and the President and his Cabinet waited
alone in the empty village, triumphing for the moment over their
difficulties. Although a French prefect was actually in New Orleans,
and the delivery of Louisiana to Bonaparte might from day to day be
expected, not an additional soldier stood on the banks of the
Mississippi, and the States of Kentucky and Tennessee were as
quiet as though their flat-boats still floated down to New Orleans. A
month passed before Madison or Jefferson again moved. Then the
President asked his Cabinet[1] what Monroe should do in case
France, as he expressed it, “refused our rights.” He proposed an
alliance with England, and suggested three inducements which
might be offered to Great Britain: “1. Not to make a separate peace.
2. To let her take Louisiana. 3. Commercial privileges.” The Cabinet
unanimously rejected the second and third concessions, but
Dearborn and Lincoln were alone in opposing the first; and a majority
agreed to instruct Monroe and Livingston, “as soon as they find that
no arrangements can be made with France, to use all possible
procrastination with them, and in the mean time enter into
conferences with the British government, through their ambassador
at Paris, to fix principles of alliance, and leave us in peace till
Congress meets; and prevent war till next spring.”
Madison wrote the instructions. If the French government, he
said,[2] should meditate hostilities against the United States, or force
a war by closing the Mississippi, the two envoys were to invite
England to an alliance, and were to negotiate a treaty stipulating that
neither party should make peace or truce without consent of the
other. Should France deny the right of deposit without disputing the
navigation, the envoys were to make no positive engagement, but
should let Congress decide between immediate war or further
procrastination.
At no time in Talleyrand’s negotiations had the idea of war
against the United States been suggested. Of his intentions in this
respect alone he had given positive assurances.[3] Above all things
both he and the First Consul feared a war with the United States.
They had nothing to gain by it. Madison’s instructions therefore
rested on an idea which had no foundation, and which in face of the
latest news from Europe was not worth considering; yet even if
intended only for use at home, the instructions were startling enough
to warrant Virginians in doubting their authenticity. The late
Administration, British in feeling as it was supposed to be, had never
thought an alliance with England necessary even during actual
hostilities with France, and had not hesitated to risk the chances of
independent action. Had either of Jefferson’s predecessors
instructed American ministers abroad, in case of war with France, to
bind the United States to make no peace without England’s consent,
the consequence would have been an impeachment of the
President, or direct steps by Virginia, Kentucky, and North Carolina,
as in 1798, tending to a dissolution of the Union. Such an alliance,
offensive and defensive, with England contradicted every principle
established by President Washington in power or professed by
Jefferson in opposition. If it was not finesse, it was an act such as
the Republicans of 1798 would have charged as a crime.
While Madison was writing these instructions, he was interrupted
by the Marquis of Casa Yrujo,[4] who came in triumph to say that his
Government had sent out a brigantine especially to tell the President
that the right of deposit would be restored and continued till another
agreement or equivalent place could be fixed upon.[5] Yrujo was
instructed to thank the President for his friendly, prudent, and
moderate conduct during the excitement. He sent to New Orleans
the positive order of King Charles IV. to the Intendant Morales, that
the right of deposit should be immediately restored; the western
people were told that their produce might go down the river as
before, and thus the last vestige of anxiety was removed. In face of
this action by Godoy, and of the war evidently at hand between
France and England, the success of the peace policy was assured.
These events in some degree explained the extraordinary nature of
the new instructions of April, 1803.
Monroe was then already at Paris. In order to make clear the
situation in which he found himself, the sequence of events in
Europe needs to be understood.
Bonaparte’s expedition to Louisiana was to have sailed at the
end of September, 1802.[6] A general of division, three generals of
brigade, five battalions of infantry, two companies of artillery, sixteen
pieces of cannon, and three thousand muskets were to be collected
at Dunkirk for shipment; but as fast as regiments could be named
they were consumed by the fiery furnace of St. Domingo.
Nevertheless, all the orders and arrangements were gradually made.
Victor was to command the forces in Louisiana; Laussat was to be
prefect, charged with the civil administration. Both received elaborate
written instructions; and although Victor could not sail without ships
or troops, Laussat was sent on his way.
These instructions, which were never published, had extreme
value for the decision of disputes which were to perturb American
politics for the next twenty years. Although Victor was forced to wait
in Holland for the expedition he commanded, a copy of his
instructions was given to Laussat, and served to regulate his conduct
as long as he remained in office. Decrès, the Minister of Marine, was
the author of this paper, which unfolded the purpose that had guided
France in recovering, and was to control her in administering, this
vast possession. Nothing could be simpler, clearer, or more
consistent with French policy than this document, which embodied
so large a part of Talleyrand’s political system.
The instructions began, as was natural, by a careful definition of
the new province. After reciting the terms of the retrocession
according to the Third Article of Berthier’s Treaty, Decrès fixed the
boundaries of the territory which Victor, on the part of the French
republic, was to receive from the Marquis of Somoruelos, the
Captain-General of Cuba.[7]
“The extent of Louisiana,” he said, “is well determined on the south
by the Gulf of Mexico. But bounded on the west by the river called Rio
Bravo from its mouth to about the 30° parallel, the line of demarcation
stops after reaching this point, and there seems never to have been
any agreement in regard to this part of the frontier. The farther we go
northward, the more undecided is the boundary. This part of America
contains little more than uninhabited forests or Indian tribes, and the
necessity of fixing a boundary has never yet been felt there. There
also exists none between Louisiana and Canada.”
In this state of things the captain-general would have to relieve
the most remote Spanish garrisons, in order to establish possession;
in other respects he would be guided only by political and military
interests. The western and northern boundary was of less
consequence than the little strip which separated New Orleans from
Mobile; and to this point the instructions specially called Victor’s
attention. Quoting the treaty of 1763 between Spain, Great Britain,
and France, when Florida was to become a British possession,
Decrès fixed its terms as still binding upon all the interested parties.
“‘It is agreed,’” said the seventh article of this treaty, “‘that in future
the boundaries between the States of his Most Christian Majesty and
those of his Britannic Majesty shall be irrevocably fixed by a line
drawn down the middle of the Mississippi River from its source to the
River Iberville, and from there by a line down the middle of that river
and of the lakes Maurepas and Pontchartrain to the sea. New Orleans
and the island on which it stands shall belong to France.’ Such is still
to-day the eastern limit of Louisiana. All to the east and north of this
limit makes part of the United States or of West Florida.”
Nothing could be clearer. Louisiana stretched from the Iberville to
the Rio Bravo; West Florida from the Iberville to the Appalachicola.
The retrocession of Louisiana by Spain to France could restore only
what France had ceded to Spain in 1762. West Florida had nothing
to do with the cession of 1762 or the retrocession of 1800, and being
Spanish by a wholly different title could not even be brought in
question by the First Consul, much as he wanted Baton Rouge,
Mobile, and Pensacola. Victor’s orders were emphatic:—
“There is therefore no obscurity as to our boundary on this side
any more than as to that of our allies; and although Florida belongs to
Spain, Spain’s right of property in this quarter will have as much
interest for the Captain-General of Louisiana as though Florida were a
French possession.”
After thus establishing the boundary, as far as possible, in every
direction, the minister treated at some length of the English claim to
navigation on the Mississippi, and at last reached the general subject
of the relation between Louisiana and the world about it,—the
subject in which Jefferson would have found acute interest:—
“The system of this, as of all our other colonies, should be to
concentrate its commerce in the national commerce; it should have in
particular the aim of establishing its relations with our Antilles, so as to
take the place, in these colonies, of the American commerce for all the
objects whose import and export is permitted to them. The captain-
general should especially abstain from every innovation favorable to
strangers, who should be restricted to such communications as are
absolutely indispensable to the prosperity of Louisiana and to such as
are explicitly determined by the treaties.”
Commercial relations with the Spanish colonies were to be
encouraged and extended as much as possible, while the utmost
caution was to be observed toward the United States:—
“From what has been said of Louisiana and the adjacent States, it
is clear that the republic of France, being master of both banks at the
mouth of the Mississippi, holds the key to its navigation. This
navigation is nevertheless a matter of the highest importance for the
western States of the Federal Government.... This is enough to show
with what jealousy the Federal Government will see us take
possession of Louisiana. Whatever may be the events which this new
part of the continent has to expect, the arrival of the French forces
should be marked there by the expression of sentiments of great
benevolence for these new neighbors.”
Expression of benevolent sentiments was a pleasing duty; but it
was not to interfere with practical measures, both defensive and
offensive:—
“The greatest circumspection will be required in directing the
colonial administration. A little local experience will soon enable you to
discern the sentiments of the western provinces of the Federal
Government. It will be well to maintain sources of intelligence in that
country, whose numerous, warlike, and sober population may present
you a redoubtable enemy. The inhabitants of Kentucky especially
should fix the attention of the captain-general.... He must also fortify
himself against them by alliance with the Indian nations scattered to
the east of the river. The Chibackas, Choctaws, Alabamas, Creeks,
etc., are represented as being entirely devoted to us.... He will not
forget that the French government wishes peace; but that if war takes
place, Louisiana will certainly become the theatre of hostilities.... The
intention of the First Consul is to raise Louisiana to a degree of
strength which will allow him in time of war to abandon it to its own
resources without anxiety; so that enemies may be forced to the
greatest sacrifices merely in attempting to attack it.”
In these instructions not a word could be found which clashed
with Jefferson’s pacific views; and partly for that reason they were
more dangerous to the United States than if they had ordered Victor
to seize American property on the Mississippi and occupy Natchez
with his three thousand men. Victor was instructed, in effect, to
tamper with every adventurer from Pittsburg to Natchez; buy up
every Indian tribe in the Georgia and Northwestern Territory; fortify
every bluff on the western bank from St. Louis to New Orleans; and
in a few years create a series of French settlements which would
realize Madison’s “sound policy” of discouraging the United States
from colonizing the west bank.
Fortified by these instructions, the Citizen Laussat set sail Jan.
12, 1803, and in due time arrived at New Orleans. Victor labored in
Holland to put his ships and supplies in a condition to follow. As
Laussat sailed, another step was taken by the French government.
General Bernadotte, a very distinguished republican officer, brother-
in-law of Joseph Bonaparte, was appointed minister at Washington.
[8] The First Consul had his own reasons for wishing to remove
Bernadotte, as he meant to remove Moreau; and Washington was a
place of indirect banishment for a kinsman whose character was to
be feared. Bernadotte’s instructions[9] were signed by Talleyrand
Jan. 14, 1803, the day after Monroe was confirmed as special envoy
to France by the Senate at Washington, and while Laussat was still
on the French coast. Although Bonaparte had been obliged to
withdraw a part of Victor’s force, he still intended that the expedition
should start at once with two thousand men;[10] and its departure
was to be so timed that Bernadotte should reach Washington as
Victor and his troops reached New Orleans. Their instructions were
on one point identical. News of the closure of the Mississippi by
Morales had reached Paris, and had already caused an official
protest by Livingston, when Talleyrand drew up the instructions to
Bernadotte:—
“Louisiana being soon to pass into our hands, with all the rights
which have belonged to Spain, we can only with pleasure see that a
special circumstance has obliged the Spanish Administration to
declare formally [constater] its right to grant or to refuse at will to the
Americans the privilege of a commercial entrepôt at New Orleans; the
difficulty of maintaining this position will be less for us than that of
establishing it.... Yet in any discussion that may arise on this subject,
and in every discussion you may have to sustain, the First Consul
wishes you to be informed of his most positive and pronounced desire
to live in good understanding with the American government, to
cultivate and to improve for the advantage of American commerce the
relations of friendship which unite the two peoples. No one in Europe
wishes the prosperity of that people more than he. In accrediting you
to its Government he has given it a peculiar mark of his good
disposition; he doubts not that you will make every effort to bind closer
the ties which exist between the two nations. In consequence of the
firm intention which the First Consul has shown on this subject, I must
recommend you to take every care to avoid whatever might alter our
relations with that nation and its Government. The agents of the
French republic in the United States should forbid themselves
whatever might even remotely lead to a rupture. In ordinary
communication, every step should show the benevolent disposition
and mutual friendship which animate the chiefs and all the members
of the two Governments; and when any unforeseen difficulty rises
which may in any degree whatever compromise their good
understanding, the simplest and most effectual means of preventing
all danger is to refer its solution to the inquiry and direct judgment of
the two Governments.”
Talleyrand’s language was more elaborate, but not clearer, than
that which Bonaparte himself used to Victor.[11]
“I have no need to tell you,” the First Consul wrote, “with what
impatience the Government will wait for news from you in order to
settle its ideas in regard to the pretensions of the United States and
their usurpations over the Spaniards. What the Government may think
proper to do must not be judged in advance until you have rendered
an account of the state of things. Every time you perceive that the
United States are raising pretensions, answer that no one has an idea
of this at Paris (que l’on n’a aucune idée de cela à Paris); but that you
have written, and that you are expecting orders.”
These were the ideas held by the government of France at the
moment when Jefferson nominated Monroe as a special envoy to
buy New Orleans and West Florida. Jefferson’s hopes of his success
were small; and Livingston, although on the spot and eager to try the
experiment, could only write:[12] “Do not absolutely despair.”
Whatever chance existed of obtaining New Orleans seemed to lie in
the possibility that Addington’s peaceful administration in England
might be driven into some act contrary to its vital interests; and even
this chance was worth little, for so long as Bonaparte wanted peace,
he could always keep it. England was thoroughly weary of war; and
proved it by patiently looking on while Bonaparte, during the year,
committed one arbitrary act after another, which at any previous time
would have been followed by an instant withdrawal of the British
minister from Paris.
On the other hand, the world could see that Bonaparte was
already tired of peace; his rôle of beneficent shopkeeper disgusted
him, and a new war in Europe was only a question of months. In
such a case the blow might fall on the east bank of the Rhine, on
Spain, or on England. Yet Bonaparte was in any case bound to keep
Louisiana, or return it to Spain. Florida was not his to sell. The
chance that Jefferson could buy either of these countries, even in
case of a European war, seemed so small as hardly to be worth
considering; but it existed, because Bonaparte was not a man like
other men, and his action could never be calculated in advance.
The news that Leclerc was dead, that his army was annihilated,
St. Domingo ruined, and the negroes more than ever beyond control,
reached Paris and was printed in the “Moniteur” Jan. 7, 1803, in the
same active week when Bernadette, Laussat, and Victor were
ordered from France to America, and Monroe was ordered from
America to France. Of all the events of the time, Leclerc’s death was
the most decisive. The colonial system of France centred in St.
Domingo. Without that island the system had hands, feet, and even
a head, but no body. Of what use was Louisiana, when France had
clearly lost the main colony which Louisiana was meant to feed and
fortify? The new ruler of France was not unused to failure. More than
once he had suddenly given up his dearest plans and deserted his
oldest companions when their success was hopeless. He had
abandoned Paoli and Corsica with as little compunction as afterward
he abandoned the army and the officers whom he led to Egypt.
Obstinate in pursuing any object which led to his own advancement,
he was quick to see the moment when pursuit became useless; and
the difficulties that rose in his path toward colonial empire were quite
as great as those which had driven him to abandon Corsica and
Egypt. Not only had the island of St. Domingo been ruined by the
war, its plantations destroyed, its labor paralyzed, and its population
reduced to barbarism, so that the task of restoring its commercial
value had become extremely difficult; but other and greater
objections existed to a renewal of the struggle. The army dreaded
service in St. Domingo, where certain death awaited every soldier;
the expense was frightful; a year of war had consumed fifty thousand
men and money in vast amounts, with no other result than to prove
that at least as many men and as much money would be still needed
before any return could be expected for so lavish an expenditure. In
Europe war could be made to support war; in St. Domingo peace
alone could but slowly repair some part of this frightful waste.
Leclerc was succeeded at St. Domingo by General Rochambeau,
a son of the Comte de Rochambeau, who twenty years before had
commanded the French corps which enabled Washington to capture
Cornwallis at Yorktown. A brave officer, but known to be little fit for
administration, Rochambeau was incompetent for the task that fell
on him. Leclerc had warned the Government that in case of his own
retirement he had no officer fit to replace him,—least of all
Rochambeau, who was next in rank. Rochambeau wrote to inform
the First Consul that thirty-five thousand men must be sent to save
the island.[13] Without a new commander-in-chief of the highest
ability, a new army was useless; and meanwhile Rochambeau was
certain to waste the few thousand acclimated soldiers who should
form its nucleus.
The First Consul found himself in a difficult and even dangerous
situation. Probably the colonial scheme had never suited his tastes,
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More information about this series at http://www.springer.com/series/15807

The European Central Bank

ISSN 2522-8285 ISSN 2522-8293 (electronic)

© Springer Nature Switzerland AG 2021

Committee on Economic and Monetary Affairs of the EU Parliament as well as in

Würzburg, Germany Harald Bolsinger

Abstract If we intend to support sustainability in the financial markets, research

After 30 years of scientific work on the promotion of environmental, social and

© Springer Nature Switzerland AG 2021 1

2 Ethical Environmental Investments and their Origins

Finally, the status of the signatories of the UN Principles for Responsible

3 What Does Sustainability Mean in the Financial Sector?

“Sustainable development means taking environmental aspects into account on an

4 Exclusion Criteria Versus Best-in-Class Approach

The working concepts of “transformation capacity”, “transformation income”

5 ECB and Sustainability

5.1 What Are the Causes?

The StabG was accompanied by a prioritisation and absolute setting of financial

© Springer Nature Switzerland AG 2021 11

1 Europe as a Community of Shared Values

2 Values and Law

3  he Law as the Only Available Implementation Measure

4  he ECB’s Contribution to a European Social

5 Market Conforming and Non-market Based Policies

Of particular interest to researchers are the specific characteristics of the financial

This is not necessarily connected to a singular “European identity” or with

6  uture Tasks for the President: Christine Lagarde’s

1 How It All Began

1.1 Climate Challenge and Beyond

© Springer Nature Switzerland AG 2021 19

is known as “X-Degree-Compatibility” (XDC) and expresses, on the basis of scien-

1.2 Hidden Places of Horror

While accompanying a courageous, small universal bank in Germany on its way

1.3 The ECB as Role Model

Title: History of the United States of America, Volume 2 (of 9)

Author: Henry Adams

Release date: December 24, 2023 [eBook #72499]

Original publication: New York: Charles Scribner's Sons, 1889

Credits: Richard Hulse, Karin Spence and the Online Distributed

*** START OF THE PROJECT GUTENBERG EBOOK HISTORY OF

UNITED STATES OF AMERICA

DURING THE FIRST ADMINISTRATION OF

Index to Vols. I. and II. 439

Let us accompany you on the journey of exploring knowledge and

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Würzburg, Germany Harald Bolsinger

2 Ethical Environmental Investments and their Origins

3 What Does Sustainability Mean in the Financial Sector?

4 Exclusion Criteria Versus Best-in-Class Approach

5 ECB and Sustainability

5.1 What Are the Causes?

1 Europe as a Community of Shared Values

2 Values and Law

3 he Law as the Only Available Implementation Measure

4 he ECB’s Contribution to a European Social

5 Market Conforming and Non-market Based Policies

6 uture Tasks for the President: Christine Lagarde’s

1 How It All Began

1.1 Climate Challenge and Beyond

1.2 Hidden Places of Horror

1.3 The ECB as Role Model