European Official Warns of Financial Crisis from Climate Risks

An senior official at the European Central Bank indicated that the deterioration of ecosystem services resulting from the climate crisis poses an increasing risk to the global economy. He stated that natural disasters, which are becoming more frequent, such as wildfires in France and Spain, lead to severe human and material losses and hinder financial system stability. The bank has launched an assessment program to evaluate the risks of environmental degradation on the banking sector, with an expected analysis to be published by the end of the year, illustrating how environmental deterioration affects credit losses, growth, and financial stability in the eurozone.

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