Annulation de dette par la BCE: pourquoi le jeu n’en vaut pas la chandelle

Stanislas Jourdan | 14 January 2021

Depuis le début de la crise Covid-19, un débat a émergé sur la possibilité d’annuler les dettes publiques détenues par les banques centrales. Bien que la proposition soit faisable techniquement, notre …

The truth is out: The ECB cannot run out of money

Stanislas Jourdan | 6 January 2021

By clarifying that “the ECB will neither run out of liquidity nor fail”, Christine Lagarde has put an end to the irrational logic according to which central banks could go bankrupt.

ECB Debt Cancellation: A last resort, not a first-best strategy

Stanislas Jourdan | 17 December 2020

Since the outbreak of the Covid-19 crisis, a debate has emerged on whether we should write off public debts owed to central banks. Despite its technical feasibility, debt cancellation is not the first …

Policy briefing: How the European Parliament can make the ECB more accountable

Positive Money Europe | 30 November 2020

A new briefing by Stanislas Jourdan and Sebastian Diessner outlines 12 recommendations on how the accountability of the ECB could be improved.

A real European safe asset: The purchase of EIB bonds by the Eurosystem

Uuriintuya Batsaikhan and Thibault Laurentjoye | 25 November 2020

The conditions are ideal for the EU’s supranational institutions to raise necessary funds for the economic recovery and green transition. The European Investment Bank has been offering a real European …


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