(Bloomberg) -- The European Central Bank is limited in what it can do to help with the green transition, Governing Council member Francois Villeroy de Galhau said. 

Pushing back against calls for greater intervention from monetary authorities in tackling climate change, the Bank of France governor told TV channel Public Senat that any other approach could even hamper the shift away from fossil-fuel dependence.

“If the ECB directly financed green investment, we would have the risk of pushing up inflation and financing costs, so we’d probably make the climate transition even more complicated,” Villeroy said. 

The governor’s comments come as political leaders load pressure on the ECB to do more for climate in the buildup to European Parliament elections in June. 

Last week, President Emmanuel Macron said inflation should no longer be the ECB’s only target, and called for a debate on how to integrate growth and decarbonization goals into the central bank’s mandate. 

Earlier last month, the National Rally party of Marine Le Pen, which is leading in French polls for the EU elections, said the ECB should resume quantitative easing to fund the climate transition. 

Villeroy said the ECB is already doing more than any other central bank when it comes to the type of bonds it buys, the securities it accepts as collateral, and its oversight of climate risks at commercial banks. 

“The ECB can’t de everything, but I guarantee it will do the maximum to accompany the transition,” he said. 

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