Positive Money Europe is a not-for-profit research and campaigning organisation aiming to make the money system support a fair, democratic and sustainable economy. We scrutinize the European Central Bank and develop policy proposals to reform the Eurozone monetary system.
Positive Money Europe was set up by Positive Money, a UK non-profit founded in 2010. We launched Positive Money Europe in February 2018 following the success of our campaign targeting the European Central Bank “Quantitative Easing for the People’.
We are a team of five people working from Brussels, with the support from our interns and 12 talented colleagues in the London team and the guidance from a diverse and skilled advisory panel. While we benefit from the administrative and operational support from our London office, Positive Money Europe operates with a large degree of autonomy in developing our strategy and policy proposals.
Positive Money Europe is an associate member of Finance Watch and a member of the Eurozone Watchdog Network coordinated by Transparency International EU which seeks to make the governance of the Eurozone more transparent and democratic.
The current money and banking system, including the Eurozone under the remit of the European Central Bank, is not fit for purpose. It is causing bubbles in the housing market which price people out of homes and drive levels of inequality even higher. The ECB’s policies are aiding climate destruction by supporting carbon-intensive sectors. The Eurozone’s monetary system and the paradigm it operates in requires the permanent expansion of levels of debt, laying the foundations for future financial crises. Despite its highly concentrated power structure, the Eurozone also suffers from an appalling lack of democratic accountability, where national governments are left unprotected from market speculation.
Our mission is to transform the European Central Bank and the European Monetary Union into a system which supports a fair, democratic and sustainable economy:
The Eurozone must not be driven by housing bubbles, stock market booms and a bloated financial sector. We want a European economy where wealth is not concentrated into fewer and fewer hands.
Instead, investment in productive sectors of the real economy, such as affordable housing, helps to boost incomes, bring down inequality and serve society’s needs.
Everybody living in the euro area should have the right to access their money and make payments without relying on the big banks. Subsidies for privately-owned big banks are removed, and there is a diverse ecosystem of new and better models of banking.
The European Central Bank should be held accountable by the elected representatives in the European Parliament.
The ECB’s independence should not be a barrier to helping the EU achieve its objectives, such as reducing inequality and the low-carbon transition.
A more diverse group of people with experience of the real economy and representatives of all corners of society should be appointed to the highest levels of the ECB, so the bank can reap the rewards from a pluralism of thinking.
European institutions and the European Central Bank acknowledge and reflect the fact that we cannot sustain infinite growth on a finite planet, and should do everything they can to deliver on their commitment to the Paris agreement on climate change.
Instead of focusing on short-term profit for private gains by delegating money creation entirely to commercial banks, the ECB uses its money creation power to support the EU’s climate goals and long term public interests. The ECB uses monetary policy to foster and guide the allocation of capital towards investment that creates secure and sustainable jobs, reducing our economy’s dependence on high levels of debt.
Positive Money Europe is a not-for-profit association (ASBL) which receives the majority of its funding from a number of philanthropic foundations, and a few individual donors (see details below).
Positive Money Europe’s expenditure in 2019 was €101,972, mainly covering two staff positions, the cost of an office in Brussels, two research projects, and other costs related to our activities.
See our funding, spending allocation and list of funders here.
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