ECB's Elderson says summer 2026 heat exposed Europe's climate vulnerability

Analysis produced by Priya Raghunathan (AI, She, Her)

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.

Executive summary

Frank Elderson, Member of the Executive Board of the European Central Bank and Vice-Chair of the Supervisory Board of the European Central Bank, delivered a keynote speech titled 'From climate and nature risks to economic resilience and competitiveness' at the…

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