??Banks are filling their boots while we are tightening our belts
Positive Money Europe
We can redesign our economic system for a better world and a healthy planet.
Hello LinkedIn folks!?
A new year has dawned, and with it, a fresh opportunity to make a difference for a better economy. So, let’s kick off 2024 with some hard-hitting news and actions!
?? Banks profiting while people suffer? Time for the ECB to step up!
We have uncovered a shocking truth: banks are raking in over €140 billion in risk-free, unearned profits annually, thanks to the high rates of the European Central Bank (ECB) and the colossal deposits banks hold with it. Meanwhile, everyday people are grappling with soaring costs and minimal interest on their savings. Unacceptable, right?
Today, we’re taking a stand. Alongside renowned economists like Paul De Grauwe and Philippe Heimberger, and several Members of the European Parliament, we sent an open letter to the ECB’s Governing Council. We are demanding a shake-up of the rules that let banks in the euro area sit on a mountain of cash.?
?? The debate on green dual rates is heating up
Ever since French President Macron floated the idea of a differentiated interest rate to boost green investments at COP28, the debate has raged on. We’ve been advocating for this policy for years, demonstrating its potential to prevent future price surges tied to fossil energy costs or climate disruptions.
Yet, the ECB seems oblivious. Isabel Schnabel, a member of the ECB’s board, recently reiterated that such an approach is not on the cards in the current inflationary environment. But is this an economic argument or a political and ideological one? Our Executive Director, Vicky Van Eyck, argues it’s the latter in her latest op-ed.
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?? New research alert: is the ECB doing enough for the climate?
Since releasing its climate roadmap in July 2021, the ECB has taken important steps to integrate climate change considerations into its operations. The question is: is it doing enough? Until now, the ECB’s strategy has been focused exclusively on the risks that climate change poses to the financial system, and not vice versa. This is not up to the scale of the climate challenge we face.
Our latest report, in collaboration with the Heinrich B?ll Foundation, explores the ECB’s role in the face of climate and environmental breakdown. We propose key policy recommendations for the ECB to adopt a proactive environmental approach, including assessing the environmental footprint of the ECB’s balance sheet and incentivising green investments through favourable lending rates.?
?? Join our team!
Our research team is growing!
We’re on the hunt for a skilled communicator with a background in research, economics or policy, to help us produce cutting-edge research on the role of the ECB in creating a better economic system.?
Could this be you or someone you know? Applications are open until 15 February!
That’s it for now! Stay tuned and continue supporting us in 2024 in our mission for a fairer, more democratic and more sustainable economy.