NEW REPORT: How Do You Solve a Problem Like Inflation?
In this New Economics Foundation report, we explore how better coordination between monetary and fiscal policies can help address inflation effectively.
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REPORT: A Green Interest Rate for the Eurozone
In a new Policy Paper co-written with colleagues at Sustainable Finance Lab, we presents a proposal to advance Europe’s green transition: the introduction of a green interest rate by the European Central Bank (ECB). The proposal outlines how targeted monetary policy can play a crucial role in combating climate change, promoting sustainable investment, and supporting the ECB’s mandate of low
» Read moreOpen letter to the ECB: RIP TLTROs, long live dual rates
In an open letter to the European Central Bank, Positive Money Europe and experts in banking and monetary policy urge the ECB to introduce a preferential interest rate to encourage banks to increase green lending in the face of inflation.
» Read moreThe ECB needs political guidance on secondary objectives
The ECB’s mandate was established three decades ago, when none of the current challenges were foreseen. It is therefore only natural that the ECB’s mandate today is subject to different and sometimes contradicting interpretations across the euro area. While the European Court of Justice has a role to play in identifying safeguards and limits to ensure that the ECB respects the boundaries set by the EU Treaties, it should not decide in the place of elected policymakers on the future orientations of the ECB’s mandate.
» Read moreREPORT: Scaling-up buildings renovation with ECB credit policy
New Positive Money Europe policy paper written together with Uuriintuya Batsaikhan proposes to repurpose the European Central Bank’s TLTRO programme into a dedicated financial instrument to scale up bank lending for energy-efficient home renovations.
» Read moreWhy debt cancellation by the ECB is not the right strategy
Although debt cancellation by central banks is technically feasible, it is nearly legally and politically impossible to achieve, and its economic benefits would be rather minimal. There are better proposals in a progressive Eurozone reform agenda.
» Read moreREPORT: Helicopter money as a response to Coronavirus crisis
In this report for Positive Money Europe, I outline how to move helicopter money from theory to practice in the context of the Pandemic crisis.
» Read moreThe ECB needs to consider helicopter money now
If the ECB President Christine Lagarde sincerely wants to “turn each and every stone”, then it must open the debate on “helicopter money.”
» Read moreGreen QE is not about green bonds
A recurring misinterpretation of “Green QE” is that central banks should restrict their asset purchases solely to green bonds. This op-ed was originally published on FT Alphaville on December 18, 2019, in the context of my former role as Executive Director at Positive Money Europe. The recent declarations of new European Central Bank president Christine Lagarde on the possible role
» Read moreSocial Europe Talk: Towards a Just Transition
I was delighted to be invited by Social Europe to take part in a debate on the “just transition” and how it could be brought about. Social Europe Editor-in-Chief Henning Meyer is joined by Montserrat Mir of the Just Transition Centre of the ITUC, Stanislas Jourdan from Positive Money and Spanish MEP Javi Lopez. You can watch the debate below:
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