Best of: QE for People's achievements in 2016
2016 was marked with a series of successes in challenging the ECB's strategy and bringing the discussion on monetary policy forward. Please find below 10 of the achievements we are most proud of.
1. We organised a conference at the European Parliament
In February we hosted a very successful and well-attended conference at the European Parliament thanks to key supporting MEPs Molly Scott-Cato, Fabio de Masi and Paul Tang. The conference was an important step to establish the campaign’s credibility within the EU. Check out the highlights from the event here.
2. The European Parliament published a report on helicopter money
In April, the European Parliament’s research service dedicated a special policy report on the concept of ‘helicopter money’. The report mentions our work and is broadly positive.
3. A great event in Paris
We also started to build a national coalition in France, and raised our profile by organising a public conference on May 31st in Paris. Key supporters of the campaign presented different proposals for QE for People. The conference was well covered in the French media. Check out the highlights here.
4. 18 MEPs signed an open letter to the ECB
In June, we convinced 18 MEPs to sign a joint letter to Mario Draghi, asking the ECB to “dedicate significant expertise and resources to studying the viability and implementation of innovative policies”. The letter was covered by the Financial Times.
5. We demonstrated the feasibility of QE for People
In September we intensified our lobbying activities in Brussels. In order to convince more MEPs about the need for QE for People, we produced a policy briefing which summarizes how and why the ECB could distribute money directly to citizens. The report is one of the few papers which clearly shows why (and how) the measure would be legal.
6. The vast majority of the population would support QE for People
In October, a European-wide survey evaluated whether people would support the ECB for distributing money directly to individuals. The results showed that 54% would be in favour, with only 14% against. The survey also evaluates how people would spend the money.
7. The European Parliament criticized QE for the first time
In November, the European Parliament adopted its annual resolution on the ECB. In contrast to previous years, for the first time the parliament expressed important concerns on quantitative easing, especially on its lack of effectiveness and its undesired side-effects.
8. The ECB itself admitted QE for People would be legal
In December, the ECB itself came out with a public letter which broadly supports our view. The ECB said ‘helicopter money’ is legal, if it is designed within the monetary policy framework. This is probably the most insightful statement the ECB has ever made on this topic, which shows they are actually thinking about it!
9. We exposed the ECB’s support for climate change industry
We partnered with Corporate Europe Observatory to scrutinize the ECB’s corporate bonds purchases and found out that the ECB is indeed fueling polluting industries that are far away from the EU’s anti-climate change commitments. The report was mentioned in the Guardian and lots of other national media. Following up on this, Green MEPs decided to write a letter to the ECB.
10. We established a public-interest voice on monetary policy
In Europe list elsewhere, the debate one monetary policy is mostly dominated by the financial sector. We are the only European voice representing civil society in monetary policy issues. About 10,000 people are following the campaign. We are doing our best to make your voice heard!
2016 was incredibly busy and fruitful. Looking forward, 2017 looks even more exciting and promising. Yet new opportunities are emerging and more visible actions are becoming possible thanks to our growing list of supporters. Take part and join us!