BETTER FINANCE Position on the Impact of Monetary Policy on Global Challenges and the European Central Bank

BETTER FINANCE thanks the ECB for this initiative to reach out to EU citizens as users of financial services and to the “civil society” at large. We acknowledge the major role of the ECB in addressing many short-term issues arising from the 2008 financial crisis and today from the COVID one:

• Financial repression at unprecedented highs: middle classes to eventually foot the bill
• Banks have become highly subsidized
• … with no counterparty provided by the beneficiary banks
• ECB funding of governments by printing money grows
• ECB also a benefactor to bond dealers
• ECB Governance issues
• Sustainable ECB finance

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