Since April 2015, the ECB has created nearly 2.5 trillion euros and …

In total, the ECB has created nearly 2.5 trillion euros since April 2015. How to explain the weakness of the money spent on energy transition when we measure the importance of liquidity created three years ago by the central banks?

On June 13, 2017, Angela Merkel reiterated that, after Trump’s decision, Europe had to « take more decisive initiatives to combat climate change. »

The same day, her Finance Minister, Wolfgang Schäuble reiterated that the ECB’s policy led to “a misallocation of capital and speculative bubbles.”

He’s right: colossal amounts established by the ECB, the FED and the Bank of the Japan have only a marginal effect on the real economy. The essential resides in the financial markets: the Dow Jones, which reached 14,000 points before collapsing during the crisis of 2008, passed the bar in January 2017 at 20,000 then 21,000 points, and, as of December 2nd, has exceeded 24,000 points!

Donald Trump is jubilant, but on a monthly basis the IMF sounds the alarm: “The global economy is like the Titanic. It accelerates before the shock.”

Should we continue to fuel the financial markets (consecrating more than just crumbs in the fight against climate change) or should we redirect money creation to a Marshall Plan that could create some 6 million useful jobs that cannot be relocated?

If we can collectively redirect this issue to the public sphere, the answer will obviously be favorable for the protection of the planet.

Using money creation to service the real economy.

While Angela Merkel and Emmanuel Macron wish to negotiate new treaties in order to « relaunch Europe, » we will act to ensure that a Marshall Plan for the climate is negotiated, financed by the creation of money of the ECB: for 30 years, each country would have an envelope corresponding to 2% of its GDP to fund the energy transition: each year France would have 45 billion euros at a rate of 0%. Germany would have 60 billion euros annually. Spain, 22 billion euros annually. Belgium, 8 billion euros…

But 0% loans are not enough. According to Philippe Maystadt, Belgian Minister of State and Honorary President of the EIB European Investment Bank, in his afterword for Jean Jouzel and Pierre Larrouturou’s book, we must also determine a real budget to participate in the co-financing of the work to be done on European territory, finance a major research effort, and provide massive aid to Africa and the Mediterranean countries. That means finding new resources for the European budget.