Press release

ECB money for health and not for speculation

News Image
Published on: 23.04.2020

In April, we launched a European petition addressed to the President of the European Commission Ursula Von der Leyen. We indicate a way to find the resources required to deal with the economic and social crisis stem from the Coronavirus epidemic.

Contrary to what has been discussed at the European summits so far, our proposal calls for a direct intervention by the European Central Bank, which must step in to avoid that the money required will end in new debt to be paid in future by member states. This proposal formally respects the Treaties – and therefore is immediately applicable – and its conceived to achieve a good sense goal – something that all the countries outside Europe already can do – even if European treaties were written to point in the opposite direction.

In concrete terms, we propose to create a European public bank – on the legal basis of the Article 123 paragraph 2 of the Lisbon Treaty – named as “European Health Fund”. It will receive an initial loan of EUR 1000 billion from the ECB. This must be a 100-years term loan with annual negative interest rate. In this way, at the end of 100 years, the loan would be extinguished and there will be nothing to be repaid. The loan would be expandable by the ECB according to the needs and the economic, and social situation in Europe. This is, therefore, a proposal in which the ECB fully maintains its sovereignty over monetary policy and its power to carefully regulate the effects of its action.

The resources made available by the ECB will be used in the health sector, to sustain the income losses of unemployed or work-in poor, and ultimately to start the conversion toward an environmentally oriented economy and an environmentally oriented production. We aim to use the public money made available to the ECB to build a Europe based on the defence of people’s rights, on social rights, and on the environmental conversion of the economy.

That is why we are putting forward this proposal, which moves away and emerges from the destructive opposition between centre-right and centre-left liberalist, an opposition fated just to trigger a war a between poor. We are fighting to find a different way, a third way, to use the wealth of our continent to finally build a Europe of peoples. For this, we believe it is necessary to use the money of the ECB and to avoid that this money will be paid by people.

Join us and sign our petition!

Here below you can find the links to the petition in different languages of the European Union: