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Daniela Gabor Profile picture
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10 Mar, 5 tweets, 3 min read
Our new @Greenpeace @NEF report on how @ecb can decarbonise monetary policy - collateral it accepts in both regular and unconventional loans - is out!

within the mandate, this is necessary action to eliminate carbon bias, legacy of market neutrality.

bloomberg.com/news/articles/…
full report here

neweconomics.org/2021/03/greeni…
covered by @Reuters here

reuters.com/article/climat…
and the techno version here

in Italy here

ilsole24ore.com/art/greenpeace…

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More from @DanielaGabor

Daniela Gabor Profile picture
11 Mar
tonight promises to be exciting, come debate with us Eurozone's macrofinancial pathologies.
we'll discuss what is so far the most ambitious technocratic proposal to leave behind the pro-cyclical, damaging fiscal rules that monetarism gifted Euroarea citizens

piie.com/sites/default/…
this is another seemingly technical, yet deeply political conversation - the Commission is working on plans to review the austerity bias built within EU fiscal rules, to be published by end of 2021.
Read 6 tweets
Daniela Gabor Profile picture
10 Mar
when your report on greening @ecb monetary policy/collateral rules is delivered by paragliders.

politico.eu/article/greenp…
beats the Draghi Glitter Affair, if you ask me

ok, maybe it doesnt beat the Glitter Affair, but seriously, Greenpeace activists protesting COLLATERAL RULES of a central bank?

macrofinancial geek heaven!
Read 6 tweets
Daniela Gabor Profile picture
4 Mar
the craziest invention of financial capitalism is my pension fund investing in a closed private equity fund that runs private care-homes, in which I may end up one day, and die faster than if we collectively agreed to organise all this through the state

and this after days of reading about the rush for infrastructure assets in Europe, with billions of institutional investment money waiting for mortgage loans to fail...
Housing as an asset class is another gem: US investors gobbling up urban housing to rent it, then tap the EIB for some subsidised loans to 'green' them.
Read 4 tweets
Daniela Gabor Profile picture
3 Mar
this is big, @RishiSunak announces @bankofengland mandate to now include explicitly climate crisis.
The first large central bank to do so, no excuse to preserve carbon bias in collateral rules, in quantitative easing!
In our 2019 Green Finance report for @UKLabour , we proposed a Green mandate for @bankofengland

The Conservative Party delivered that, two years later.

labour.org.uk/wp-content/upl… Image
indeed, this is quite staggering!

Read 4 tweets
Daniela Gabor Profile picture
3 Mar
fiscal bullshit bingo time @JoMicheII
no Sunak, you dont get to play Super Mario, he would never peddle 'the government is a household' ideology
'fix the finances'
Read 9 tweets
Daniela Gabor Profile picture
3 Mar
today is Budget day, but dont let fiscal fundamentalists convince you with:

'Sunak cannot sleep', too worried that higher interest rates and inflation will massively increase debt costs, look at this OBR projections, an additional 45bn a year!
first, remember, government is spending 20bn less on interest in 2021 than it had forecasted

OBR projections identify 3 potential sources for Sunak's 'nightmare': higher gilt yields, higher Bank of England policy rate, and higher inflation.

You will be surprised that Bank of England is expected to inflict the highest damage on the Treasury.
Read 8 tweets

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