By Stan Jourdan, head of Positive Money Europe.

It’s been two super-busy and successful months for Positive Money Europe. We’ve published two new reports, hosted an event in the European Parliament, and made it to prominent media! Check our latest successes below.

NEW REPORT “Strengthening Parliamentary Oversight of the ECB”

The ECB is often described as a super powerful and unaccountable central bank – which is true to a large extent. However from our experience we have found that the European Parliament have much more influence on the ECB than many people think. In this new report, we explore how the European Parliament can play an even more powerful role in holding the ECB to account. Read the report here.

We presented the report at the European Parliament on April 9th, thanks to the support of two Members of the Europan Parliament (Ramon Tremosa and Pervenche Berès). Our report was well received and appreciated by MEPs, and covered in Bloomberg, Agence Europe and the Financial Times.

Pictures are available here. Watch out for the upcoming report on our blog.

NEW REPORT “Aligning monetary policy with the European Union’s climate targets”

Three years ago we engaged in a battle against the ECB’s corporate quantitative easing programme – a massive subsidy towards the biggest multinational corporations.

In this new report co-written with Veblen Institute, we reveal ananalysis of the ECB portfolio which only confirms our worries: the ECB invests more than 110 billions toward the most polluting sectors of the economy. The report advocates for concrete proposals to “green” the ECB’s monetary policy.

The report is available both in French and in  English. It was covered in several media such as Le Monde, Alternatives Economiques, and Belgian radio RTBF.

In other news:

The European Central Bank (ECB) announced new giant subsidy for banks.

In response to the economic slowdown, the ECB has announced a new round of long-term subsidized loans for banks (TLTROs). But why would it work better this time? Read here

Green monetary policy: It’s about changing the mindset, not the mandate

Contrary to common belief, the European Central Bank’s current mandate and legal framework already gives ample room for action in the field of climate change. Read more here

ECB reveals it made huge profits from the eurozone crisis

After pressure from Positive Money Europe and MEPs, the ECB just revealed it made 61 billion euros of profits out of its intervention in crisis hit countries such as Greece, Italy, Spain, Ireland and Portugal. Read more here

Upcoming events:

Public discussion about Sovereign Money

29 April 2019, Vienna, Austria

Dr. Beat Weber from the Austrian Nationalbank and Raimund Dietz from the Austrian money reform campaign group will discuss the Sovereign Money proposal as an alternative to the existing system of money creation. More info in German here.

International conference The E-krona and beyond

The Future of Money and Banking in the Era of Digitalization
15 June 2019, Stockholm, Sweden

The Swedish Central Bank is working on the plan to create a “e-krona” which could lead it to become a pioneer for the introduction of an electronic sovereign money. Speakers already include Steve Keen, Michael Kumhof, Miguel Fernandez Ordóñez and Joseph Huber. More info and the preliminary program can be found here.

Further good reads:

Quote of the month

“from the Central Bank to the European Commission, from the European budget to the Investment Plan for Europe, all our institutions need to have the climate as their mandate.” – President Emmanuel Macron

Happy Easter, and stay tuned for more news from us!

Stan Jourdan

Head of Positive Money Europe

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