ECB's Elderson says summer 2026 heat exposed Europe's climate vulnerability
A keynote speech by Frank Elderson, ECB Executive Board member and Vice-Chair of the Supervisory Board, delivered at the Green Swan 2026 Conference in Manila, frames the summer of 2026 as evidence that climate and nature risks are now a present economic reality for Europe rather than a future scenario.
- The speech was delivered by Frank Elderson, ECB Executive Board member and Vice-Chair of the Supervisory Board, on 19 October 2026 at the Green Swan 2026 Conference in Manila.
- Summer 2026 is described as the warmest summer ever recorded in Western Europe, with severe droughts, wildfires and water scarcity.
- Water levels in major European rivers fell to exceptionally low levels, affecting transport, industry and energy production.
- Europe is stated to be warming faster than any other continent, at more than twice the global average.
- Tens of thousands of excess deaths linked to extreme heat were recorded during the summer months.