Our Publications

mainstreaming monetary finance

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)

The EU economy urgently requires innovative and bold reforms that reshape finance, so that it can help sustain our planet and enable us to thrive.

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)

In the aftermath of the Eurozone crisis, it is clear that the European Central Bank (ECB) has extended its competences and area of influence. In comparison however, the accountability framework of the ECB was not leveled up – it remains largely weak and informal. This report advocates for a stronger role of the European Parliament in holding the European Central Bank to account and outlines specific recommendations.

Aligning monetary policy with the European Union's climate targets (April 2019)

This analysis of the European Central Bank’s corporate bonds portfolio reveals a worrying gap between the ECB’s quantitative easing programme and the European Union’s climate objectives.

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)

The main contribution of this policy briefing is to show why helicopter money can be justified on legal grounds as a monetary policy instrument for the ECB. This key point refutes recurring claims that such a scheme would amount to “fiscal policy”.

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Latest news on sustainable finance

EU leaders promise lots of fake money but no real stimulus

EU leaders promise lots of fake money but no real stimulus

The European Union (EU) is pretending it will unlock trillions of Euros to address the coronavirus crisis. But if we look closer, we realise this is too little, too late, and will only drive countries already struggling into further debt.


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