Climate case against ING: What does it mean for monetary policy

The Dutch climate organization “milieudefensie” had threatened to start a case against the Dutch ING bank. The 14th of February 2024 the ING has responded that it will not give in into the demands of the climate organization. Hence making it highly likely that the climate policy of the ING will face legal challenges. Prima facie the case seems without EU relevance as it concerns a national climate organization suing a national bank. Though the case may seem to lack European relevance, the opposite is true. The decision by the Dutch judiciary may have serious European consequences. In particular for the Monetary Union and may even bypass the independence of the ECB.