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19 economists call on the ECB to do QE for People

It is time for the European Central Bank and eurozone central banks to bypass the financial system and inject newly created money directly into the real economy, reads a letter in Financial Times, 26th March 2015, signed by 19 prominent economists.

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Here’s a short extract of the letter:

There is an alternative. Rather than being injected into the financial markets, the new money created by eurozone central banks could be used to finance government spending (such as investing in much needed infrastructure projects); alternatively each eurozone citizen could be given €175 per month, for 19 months, which they could use to pay down existing debts or spend as they please. By directly boosting spending and employment, either approach would be far more effective than the ECB’s plans for conventional QE.

 

Find below the list of signatories:

Victoria ChickUniversity College London

Frances CoppolaAssociate Editor, Piera

Nigel Dodd, London School of Economics

Jean Gadrey, University of Lille

David GraeberLondon School of Economics

Constantin GurdgievTrinity College Dublin

Joseph HuberMartin Luther University of Halle-Wittenberg

Steve KeenKingston University

Christian MarazziUniversity of Applied Sciences and Arts of Southern Switzerland

Bill MitchellUniversity of Newcastle

Ann PettiforPrime Economics

Helge Peukert, University of Erfurt

Lord Skidelsky, Emeritus Professor, Warwick University

Guy StandingSchool of Oriental and African Studies, University of London

Kees Van Der PijlUniversity of Sussex

Johann WalterWestfälische Hochschule, Gelsenkirchen Bocholt Recklinghausen, University of Applied Sciences

John WeeksSchool of Oriental and African Studies, University of London

Richard WernerUniversity of Southampton

Simon Wren-Lewis,University of Oxford

You can read the whole letter here.


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