There is evidence that the decision by central banks to raise interest rates is already slowing down investments in the renewable energy sector, thereby undermining the green transition. This is in direct contradiction to the latest climate stress test of the European Central Bank (ECB), which calls for a faster switch to a greener economy. It’s time for the ECB to rethink its approach, as opposed to raising interest rates without regard to the outcomes.
In Europe, the week of 22-28 May is dedicated to raising awareness about the importance of mental health. In this blog, we want to highlight how some of the main problems in today’s financial and money system also represent a threat to our mental health. This shows a need to rethink and rebuild the economy so that it works for people’s well-being and not against it.
Since 1911, the International Women’s Day on the 8th of March, has been a day dedicated to celebrating women’s achievements in the pursuit of their rights and gender equality. On this day, Positive Money Europe wants to highlight how female financial inclusion, access to positions of power for minority groups, and the contribution and visibility of female economists are extremely important pieces in eradicating inequality.
As a consequence of the European Central Bank (ECB) raising its interest rates, banks are making sky-high unearned extra profits, while people and public budgets are only losing out. We believe that a money system that benefits private over public interests needs to be deeply reformed.
True to our commitment to being the bridge between people and the European Central Bank (ECB), ahead of the last monetary dialogue in June we collaborated with our friends at SumOfUs to collect our supporters’ views, expectations and concerns related to the ECB’s work. The results showed overwhelming support for ambitious and proactive environmental actions by the ECB. They also rang a bell about the need for clearer communication from the Central Bank on the effects of its interest rate hikes.