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FX MONETARY POLICIES


New Deal – a network of public banks. While little discussed in the US media, that alternative is being debated in Europe, where Green New Deal proposals have been on the table since 2008. European e c o n o m i s t s have had more time to think these initiatives through, and they are less h a m pe r ed by labels like “socialist” and “ c a p i t a l i s t , ” which have long


integrated


been into


their multiparty systems.


A Decade of Gestation in Europe


The first Green New


proposal was published


Deal in


Source: Eurodad.org Public development banks already have a


successful track record in Europe, and their debts are not considered debts of the government


2008 by the New Economics Foundation on behalf of the Green New Deal Group in the UK. Te latest debate is between proponents of the Democracy in Europe Movement 2025 (DiEM25), led by former Greek finance minister Yanis Varoufakis, and French economist Tomas Piketty, author of the best- selling Capital in the 21st Century.


54 FX TRADER MAGAZINE April - June 2019


Varoufakis explains that Europe needs a new source of investment money that does not involve higher taxes or government deficits. DiEM25 proposes for this purpose “an investment-led recovery, or New Deal, program … to be financed via public bonds issued by Europe’s public investment banks (e.g. the new


Piketty recommends funding a European Green New Deal by raising


taxes, while Varoufakis


favors a system of public green banks.


investment vehicle foreshadowed in countries like Britain, the European Investment Bank and the European Investment Fund in the European Union, etc.).” To ensure that these bonds do not lose their value, the central banks would stand ready to buy them above a certain yield. “In


summary,


DiEM25 is proposing a r e- c a l ibra t ed re a l - g re e n i n v e s t m e n t version


of


Qua ntita ti ve Easing


that


utilises the central bank.


P u b l i c d e v e lopment banks already have a successful track record in Europe, and


their debts are not considered debts of the government. They are financed not through taxes but by the borrowers when they repay the loans. Like other banks, development banks are moneymaking institutions that not only don’t cost the government money but actually generate a profit for it. DiEM25 collaborator


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