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Helicopter money as a last resort contingent policy | VOX, CEPR Policy Portal

John Muellbauer
During the Covid-19 pandemic, central banks have pushed to the extreme the tools they had created after the Global Crisis: targeted lending, large asset purchases, and negative interest rates (Hartmann and Schepens 2021). This is especially true in the euro area. The balance sheet of the ECB amounts to 60% of GDP, it holds around 25% of public debt of the euro area, and the deposit facility rate is at -0.5% (-1% for targeted long-term refinancing operations, or TLTRO). These measures were useful and necessary to avert deflation both during the 2010s and in the Covid-19 crisis. However, since 2015 the annual inflation rate has been around target only 10% of the time (see Figure 1). Based on its June 2021 forecast, the ECB itself anticipates (after a temporary increase in 2021) an average inflation rate below its 2% target at 1.5% in 2022 and 1.4% in 2023. ....

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Europe's Eminence Grise, BlackRock, Is Helping to Write Europe's Sustainable Banking Rules. What Could Go Wrong? | naked capitalism Despite facing accusations of rampant greenwashing, even by former executives, BlackRock is once again in the driving seat of public policy in Europe. But its potential conflicts of interest are finally attracting some attention.

Europe's Eminence Grise, BlackRock, Is Helping to Write Europe's Sustainable Banking Rules. What Could Go Wrong? | naked capitalism Despite facing accusations of rampant greenwashing, even by former executives, BlackRock is once again in the driving seat of public policy in Europe. But its potential conflicts of interest are finally attracting some attention.
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