The QE programme has been operating in the Eurozone for almost a year. Evidence shows it is failing. As expected, inflation keeps falling and we have further evidence that QE is increasing wealth inequality.
Quantitative easing is not just harmful for people and businesses across Europe – it is failing on its own terms.
But, an increasing number of voices are now calling for bolder alternatives to QE. These include:
In the Financial Times, Chief Economics commentator Martin Wolf has sent an important message to central bankers, claiming “it would be wise to prepare for the next recession,” in particular by preparing more unconventional measures including a form of QE for People.According to another FT commentator Wolfgang Münchau, the ECB must consider QE for People.‘The policy would bypass governments and the financial sector. The financial markets would hate it. There is nothing in it for them. But who cares?”
QE for People was also mentioned in The Economist, French newspaper Le Monde andAlternatives Economiques and even the Dutch mainstream TV channel RTL.
The idea is gaining credibility, but time is running out. Today, the ECB will decide whather to boost QE programme or implement new measures. In other words, today the ECB is in the spotlight. This is an amazing opportunity to raise awareness of our campaign for QE for People. Can you help?
Think tanks are also joining the call. In particular, the Centre for European Reform has called for a ‘regime change’ in Frankfurt, suggesting “the ECB could go beyond what any central bank has so far contemplated doing, and hand out cash directly to citizens.”
In a recent policy briefing, The European Trade Union Institute (ETUI) has also looked at the issue as a way to combat deflation in Europe.
The idea is spreading inside the European Parliament. Last month, 3 Members of the EU Parliament hosted a conference on this topic and expressed their support for the general idea.
We need you help! Can you help us get our voice heard by sharing this on Facebook and twitter?Many thanks for your support,
Stan Jourdan
www.qe4people.eu