History of Positive Money Europe
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 “Quantitative Easing for the People’ targeting the European Central Bank .
2010: Positive Money established
Positive Money, a UK not-for-profit organisation was founded in 2010 because no one was talking about how banks create money, and the role this played in the 2008 financial crisis. At the time, almost no one paid attention to the way money is created. Since then, this topic has received a lot more attention. In 2014, the Bank of England published a paper that corroborated what we have been saying about how new money enters the economy. Other central banks, including the European Central Bank and the Bundesbank have followed suit.
Positive Money has successfully triggered debates in the UK parliament, delivered petitions and grown a network of 66,000 supporters and 13 local groups across the UK.
2013: Positive Money goes international
While Positive Money originally focused on changing the money system in the United Kingdom, we quickly realised that a global shift in attitudes on money was needed. This is why we progressively expanded our work internationally.
In 2013, we initiated the International Movement for Monetary Reform to support the growth of new money reform movements across the world and promote collaboration between them. Today, there are more than 22 national movements pushing for money reform in their countries.
Positive Money has also been a proud member of Finance Watch since 2015, allowing us to take part in a wider movement to ensure finance serves the needs of society.
2015: Quantitative easing for People campaign
In 2015, Positive Money took things a step further by launching a campaign for “Quantitative Easing for People” in the Eurozone. Together with a coalition of 20 civil society organisations, we succeeded in promoting alternative monetary policy ideas such as Green QE and helicopter money within the European Union. Below are some highlights from this two-year programme:
Highlights from the QE for People campaign (2015-2018)
December 2015: Official launch of the campaign with a coalition of 20 partners and 100 supporting economists.
February 2016: we hosted a very successful and well-attended conference at the European Parliament thanks to key supporting MEPs Molly Scott-Cato, Fabio de Masi and Paul Tang.
March 2016: ECB president Mario Draghi said “helicopter money is a very interesting concept”.
June 2016: 19 MEPs send an open letter to Mario Draghi demanding that the ECB develops research on QE for people.
October 2016: A survey by ING indicates that a majority of the population would support helicopter money.
November 2016: In an annual report on the ECB, the European Parliament expresses criticism towards quantitative easing and proposes to channel QE towards “smart investments”.
December 2016: The ECB published a letter outlining that helicopter money could be feasible under certain conditions.
March 2017: Together with 70 NGOs we challenged the climate impact of the ECB’s purchase of corporate bonds through quantitative easing.
June 2017: Together with 38 MEPs we pushed the ECB to improve the transparency of the corporate quantitative easing programme. A few weeks later the ECB partly addressed our demands by setting up new transparency standards.
September 2017: We submitted a response to the European Commission’s consultation on sustainable finance.
October 2017: For the first time the ECB officially supports the Paris agreement on climate change, but still refuses to green its monetary policy operations.
Highlights from the Positive Money Europe campaign (2018-2019)
May 2018: Positive Money Europe is officially launched in Brussels in occasion of the successful event “Time to rethink the ECB”. Among the speakers: Bank of Spain Miguel-Ángel Fernández-Ordóñez, anthropologist and professor in law Annelise Riles, Spanish MEP Jonas Fernandez, MEP Molly Scott-Cato, Boris Kisselevsky, ING Economist Teunis Brosens.
October 2018: Wemove.EU, Eurodad, and Positive Money Europe handed over a petition signed by more than 117,000 citizens to the Eurogroup’s spokesperson in Brussels.
November 2018: In its annual resolution, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) calls on the European Central Bank (ECB) to incorporate environmental criteria into its policies.
January 2019: In 2019 latest annual resolution on the European Central Bank, the European Parliament adopted several of Positive Money Europe’s proposals in the area of transparency and governance.
March 2019: Publication of the report “Aligning Monetary Policy with the EU’s Climate Targets” co-written by Stanislas Jourdan (Positive Money Europe) and Wojtek Kalinowski (Veblen Institute). The report includes an exclusive analysis of the corporate-sector purchase programme (CSPP) by the European Central Bank (ECB).
April 2019: Event at the European Parliament to present our newly published report “From Dialogue to Scrutiny: Strengthening the Parliamentary Oversight of the European Central Bank”, sponsored by Ramon Tremosa and Pervenche Berès.
June 2019: 16 NGOs (including Transparency International EU, WWF, Finance Watch) led by Positive Money Europe have co-signed an open letter addressed to Donald Tusk demanding a stronger appointment process in line with the independence of the European Central Bank.
The next chapter: building Positive Money Europe
Through this work, we grew our influence in the EU, spoke to hundreds of stakeholders, from MEPs to Commission officials, NGOs and influencers. We grew as the only EU-level civil society organisation focusing on the ECB policies. While the ECB is due to end quantitative easing programme, we wanted to continue to scrutinise its monetary policy in the Eurozone.