Positive Money Europe regrets the decision of the Governing Council of the ECB to reintroduce Quantitative Easing, and laments the reluctance of the Governing Council to consider Helicopter Money.

PRESS RELEASE – Brussels, 12 September 2019

Asked twice during a press conference following the meeting of the ECB’s Governing Council in Frankfurt, the ECB President commented the idea of “helicopter money”. Mr Draghi replied:

“No, we are not talking about [helicopter money]. It’s not an option that we considered.“

Further on, he added: “All these innovations in monetary policy need to be looked at and studied and thought over. These are big changes in the way monetary policy works, and we have not discussed this. These may be part of the future strategic review, but at this point the Governing Council never discussed. (…) Giving money to people is a fiscal task, not a monetary policy task” he concluded.

Responding to Draghi’s comments, Stanislas Jourdan, head of Positive Money Europe said:

“Fortunately, several letters from the ECB to MEPs prove that the notion of helicopter money has been discussed within relevant departments of the ECB. In fact, in a letter dated November 2016 signed by Mario Draghi to one MEP, the ECB President had written that “an assessment has to be made of whether the task concerned [giving money to people] is a central bank or government task.” Mr. Draghi’s remarks today indicate that such assessment has been carried out, which is of course contradicting Draghi’s previous affirmation that the ECB has ‘never discussed’ helicopter money.”

“In either case, it is disappointing that the Governing Council is apparently lagging behind in  this now very mainstream discussion. In the face of the continuous failure of the current monetary policies of the ECB in reaching its mandate, and in the absence of any serious prospect for a large fiscal stimulus, “helicopter money” is certainly the most effective form of monetary policy that is left available to the ECB today. While a recession is getting closer in the Eurozone, not preparing for the eventuality of its implementation would be highly imprudent.”

Positive Money Europe is a Brussels-based NGO advocating for a fairer, more sustainable and democratic Eurozone. Since 2015, Positive Money Europe has been championing helicopter money through a campaign for “quantitative easing for people” and by engaging with the European Parliament and prominent economists.


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