our areas of work
In a letter to Positive Money Europe, European Central Bank (ECB) President Christine Lagarde has outlined how the ECB is fighting the climate crisis. Her letter was responding to a recent letter sent to Lagarde from 45 civil society organisations, demanding the ECB stop breaking its climate promises by supporting some of the world’s most polluting companies in its response to the Covid-19 pandemic.
To avoid leaving the European Central Bank (ECB) at the endless mercy of legal uncertainty surrounding its mandate, it is urgent that EU leaders finally engage in a long overdue revision of the EU Treaty’s monetary financing prohibition rule.
Over the past years, the ECB has always mindfully avoided rejecting helicopter money on legal grounds. This view was reaffirmed by Christine Lagarde in a recent letter to one MEP, who argued that more research on the topic is needed.
The European Central Bank (ECB) had promised to green its ways of working. But because of the coronavirus, it is breaking this promise and supporting some of the worst fossil fuel polluters. Forty-five NGOs and think tanks have written to ECB President Christine Lagarde demanding action.
The European Union (EU) is pretending it will unlock trillions of Euros to address the coronavirus crisis. But if we look closer, we realise this is too little, too late, and will only drive countries already struggling into further debt.
Several NGOs including Positive Money Europe are demanding that the central banks’ green finance forum step up their work to make sure emergency measures taken by central banks against Covid-19 do not harm long-term climate action.