Soru

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The integration of climate-related financial risks into macro-prudential regulatory frameworks has sparked intense debate among monetary economists and policy analysts. Traditionally, central banks operated under narrow mandates centered on price stability and systemic liquidity, adhering strictly to the principle of market neutrality—the requirement that policy interventions avoid distorting asset allocations across sectors. However, as physical and transition climate risks increasingly threaten macro-financial stability, advocates argue for proactive credit steering, such as green quantitative easing and differential capital requirements for carbon-intensive assets. Critics contend that such allocative interventions exceed statutory central bank independence, encroaching upon elected fiscal authorities' domain of distributional choices. This institutional tension reveals an existential paradox: adhering to traditional market neutrality during structural environmental crises may inadvertently subsidize carbon-heavy industries, thereby actively compounding systemic financial instability. Consequently, central banking is evolving from a passive risk evaluator into a contestable instrument of socio-ecological transition. Navigating this shift requires not merely minor recalibrations of climate stress-testing models, but a structural reassessment of the boundaries separating technocratic monetary governance from democratic policymaking.

Based on the passage above, which of the following statements accurately capture the author's central message and key thematic implications? Select all that apply.