The European Central Bank (ECB) raised its interest rates today by 0.25 percentage points, taking further steps to tighten monetary policy in an already unprecedented cycle. It is puzzling.
Eurosystem national central banks have very different procedures when it comes to reporting to political authorities, and are less accountable than the European Central Bank, a new research paper commissioned by Positive Money Europe shows. The Bundesbank has the weakest degree of accountability, while Greece and Lithuania, Estonia and Belgium emerge as the most accountable central banks.
Today our activists and partners demonstrated in front of the European Parliament in Brussels, calling on Members of the European Parliament (MEPs) to help people heat homes.
Key activities and moments from the last 12 month
2022 has shown how important it is to live in homes that can protect us from the reckless actions of petrostates, and from skyrocketing fossil energy prices. For many families, it will be hard, if not impossible, to enjoy the Christmas period in healthy and comfortable homes. EU institutions, including the European Central Bank (ECB), can make sure that this will be the last Christmas of this kind.
The ECB is expected to pay around €40 billion in net interest income to banks on the overnight deposits that they keep with the central bank. This estimated figure will jump to €53.7 billion if the ECB decides to increase the interest rate on its deposit facility (DF) from the current 1.5% to 2% on December 15. France and Germany expected to profit the most in absolute terms. We provide the implications of these purely accounting-induced profits for the wider banking system and the real economy.
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