Sector developments and company hires

EU monetary policy to reflect carbon transition
The ECB has published its new monetary policy strategy, which includes what it describes as “an ambitious climate-related action plan”. The central bank states that climate change has profound implications for price stability through its impact on the structure and cyclical dynamics of the economy and the financial system.

As such, it is committed to ensuring that the Eurosystem takes into account, in line with the EU’s climate goals and objectives, the implications of climate change and the carbon transition for monetary policy and central banking. In addition to incorporating climate factors in its monetary policy assessments, the ECB is therefore set to adapt the design of its monetary policy operational framework in relation to disclosures, risk assessment, corporate sector asset purchases and the collateral framework accordingly.

In other news…

EMEA
Rachit Prasad has joined Orchard Global as a portfolio manager focused on advancing the firm's strategies in the CLO space. Prasad previously served as a director on the highly regarded European ABS research desk at Deutsche Bank. He joins Orchard Global's structured credit team in London, overseen by Shawn Cooper, who was formerly a portfolio manager at Brevan Howard and head of structured credit trading for Deutsche Bank.