Our Publications
Targeting a sustainable recovery with Green TLTROs (September 2020)
The EU today faces two dramatic challenges: the COVID-19 Pandemic and the climate transition. The EU’s recovery plan for the pandemic falls far short of the estimated €2 trillion needed for achieving a sustainable recovery in line with the EU’s environmental objectives.
This report from Positive Money Europe and the Sustainable Finance Lab explains how the European Central Bank can incentivize private banks to lend more money for green investments. By tweaking its Targeted Longer-Term Refinancing Operations (TLTROs) programme, the ECB could make green lending much more affordable for small businesses and households.
Mainstreaming monetary finance in the Covid-19 crisis (July 2020)
With Eurozone governments spending huge amounts to fight the recession caused by Covid-19, the debt sustainability debate and how to manage it will only intensify in the coming months.
This report, written by Sebastian Diessner, assesses the merits and drawbacks of different monetary finance proposals with the potential to revive the euro area economy. It seeks to structure the debate on how the ECB should do this by ordering, categorising and assessing the monetary policy options it has at its disposal to tackle the upcoming recession.
The ECB and climate change: outlining a vision for success (April 2020)
In this policy briefing, co-written with the New Economics Foundation and 350.org, we offer policymakers a list of recommendations that, if implemented by the ECB, would constitute a successful strategic review from a climate justice perspective.
Helicopter Money as a response to the Covid-19 recession (March 2020)
This report outlines why and how “helicopter money” should be deployed as soon as possible in the Eurozone. It summarizes the benefits of using helicopter money in the context of the Covid-19 crisis.
It aims to help policymakers carefully prepare for the practical implementation of helicopter money. It clarifies how it can be implemented swiftly, legally, and democratically in the Eurozone context.
From Dialogue to Scrutiny: Strengthening the Parliamentary oversight of the European Central Bank (April 2019)
Aligning monetary policy with the European Union's climate targets (April 2019)
This report, co-written by Stanislas Jourdan (Positive Money Europe) and Wojtek Kalinowski (Veblen Institute), includes an exclusive analysis of the corporate-sector purchase programme (CSPP) by the European Central Bank (ECB). The report was originally published in French (here).
Citizens' Monetary Dividend: Upgrading the ECB's Toolkit (September 2016)
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Latest news on sustainable finance

A real European safe asset: The purchase of EIB bonds by the Eurosystem
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 safe asset for some time and is likely to continue to do so, provided the accommodative monetary policy of the ECB continues.

Target neutralised: ECB says “market neutrality” needs rethinking
Once upon a time, market neutrality was supposed to be an untouchable holy principle of the ECB’s quantitative easing, but today the ECB has finally made loud and clear this principle should be reviewed.