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  • Quantitative Easing For People - The Manifesto

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    Thomas Fazi
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    The current Quantitative Easing program of the European Central Bank is an ineffective and unfair response to the financial crisis. We, civil society organisations from all across Europe, propose an alternative form of QE which would make sure money is spent into the real economy and benefits those that need it the most. We call this concept “Quantitative Easing for People”.

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    Quantitative Easing for People - The Manifesto

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    The current Quantitative Easing program of the European Central Bank is an ineffective and unfair response to the financial crisis. We, civil society organisations from all across Europe, propose an alternative form of QE which would make sure money is spent into the real economy and benefits those that need it the most. We call this concept “Quantitative Easing for People”.

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    © All Rights Reserved
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    31 visualizzazioni2 pagine

    Quantitative Easing For People - The Manifesto

    Caricato da

    Thomas Fazi
    The current Quantitative Easing program of the European Central Bank is an ineffective and unfair response to the financial crisis. We, civil society organisations from all across Europe, propose an alternative form of QE which would make sure money is spent into the real economy and benefits those that need it the most. We call this concept “Quantitative Easing for People”.

    Copyright:

    © All Rights Reserved
    Scarica in formato PDF, TXT o leggi online su Scribd
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    di 2

    Quantitative Easing for People

    The Manifesto

    ThecurrentQuantitativeEasingprogramoftheEuropeanCentralBankisanineffectiveand
    unfairresponsetothefinancialcrisis.We,civilsocietyorganisationsfromallacrossEurope,
    proposeanalternativeformofQEwhichwouldmakesuremoneyisspentintothereal
    economyandbenefitsthosethatneeditthemost.WecallthisconceptQuantitativeEasing
    forPeople.

    What is Quantitative Easing?


    InMarch2015theEuropeanCentralBank(ECB)startedaQuantitativeEasingprogram.Theprogram
    involvescreating60billioneachmonth.TheECBusesthisnewlycreatedmoneytobuygovernment
    bondsandotherfinancialassets,mostlyfromtheprivatesector1.Theprogramisplannedtocontinue
    atleastuntilSeptember2016,afterwhichitwillhavecreatedatotalof1.1trillion.
    QuantitativeEasingworksbypushingmoneyintothefinancialmarkets,inthehopethatsomeofthe
    newmoneywilltrickledowntothereal,nonfinancialeconomy,throughextraspendingbythe
    wealthy,orthroughmoneycreationbyprivatebankswhentheymakeloans.

    Current QE is ineffective,unfair and risky

    Inreality,QEisunlikelytoboostemploymentormakeadifferencetothelivesofmostEuropeans.
    ThepolicyhasalreadybeencarriedoutonalargescaleintheUKandUSwithverylimitedresults.In
    theUK,theBankofEnglandcreated375bn,equivalenttohalfoftheUKgovernment'syearly
    budget.Thismoneywasusedtofloodthefinancialmarkets,andbytheBankofEnglandsown
    estimates,pushedupshareandbondpricesbyaround20%.Since40%ofthestockmarketwealthis
    heldbytherichest5%ofhouseholds,QEhasmadethosehouseholdsbetteroffbyanaverageof
    128,000each.

    WhilstQEiseffectiveatincreasinginequality,theevidenceisthatithasdoneverylittletocreatejobs
    andincreaseeconomicgrowth.Makingthewealthyevenwealthierdoesnotmakethemspendmore,
    whilemostpeopleandcompaniescannottakeoutmoreloansfrombanks.Infact,theECBsQEis
    helpingfuelanewfinancialbubble,layingthefoundationforanotherfinancialcrisis.

    Specificallyfrompensionfunds,insurancecompaniesandbanks

    We need an alternative QE that benefits people

    Withover18millionpeoplecurrentlyunemployed,andyouthunemploymentover40%inSpain,
    GreeceandItaly,theEurozonedoesnotneedQEforthefinancialsector.Itneedsmoneytobe
    injecteddirectlyintotherealeconomyinstead,soitcanimprovepeopleslivesbyboosting
    employmentandspending.AnumberofeconomistshavearguedforthisQuantitativeEasingfor
    People.

    TherearearangeofconcreteproposalsforhowQEforPeople(QEP)couldbeimplemented.

    ThemoneycurrentlybeingcreatedbytheEuropeanCentralBankshouldbegivendirectlyto
    Eurozonecitizensand/orspentonmuchneededpublicinvestmentsuchasgreen
    infrastructure,affordablehousingorinanyotherwaywhichwouldcontributetothegenuine
    developmentoftherealeconomy.

    The Campaign

    ThecurrentQEprogrammeisfailing.Atthesametime,povertyandinequalityisontherise.We,as
    civilsocietyorganisationsfromallacrossEurope,believeweurgentlyneedtorethinkthisapproach
    andturnthiswastedopportunityintoaprogramthatdeliversasustainablerecoveryintheEurozone.

    Wearenotproposingonesingleapproach.Rather,weaimtofosterapublicdebatearound
    QuantitativeEasingforPeople,arguingthatthemoneycreatedthroughQEshouldbespentintothe
    realeconomysothatitcanbenefitindividualsandsocietyasawhole.

    Thisiswhywearecomingtogethertorunthiscampaign.

    Weaimto:
    Buildastrong,growing,andconnectedpubliccampaignthatworkstogethertoadvocateQE
    forpeople

    DeveloptheeconomiccaseforQEforthepeoplebyencouragingmoreresearchandfostera
    broaddebateaboutit

    InfluencepolicymakersthatQEforpeopleispossibleandnecessary.

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