High time to call on the ECB to shoulder its responsibility

For two years now, MEP Sander Loones has been strongly criticising the loose monetary policy of the European Central Bank (ECB). Together with ECR The N-VA is a member of the European Conservatives and Reformists (ECR), a conservative, eurorealistic parliamentary group in the European Parliament. The N-VA shares their realistic view of the European project and also advocates for the correct and intensive application of the subsidiarity principle. For example, we must not be afraid to ask ourselves if it would be better to leave certain European initiatives to the Member States. The N-VA also identifies with the emphases that the ECR places on the social-economic issues. Since the 2014 elections, the ECR has become the third largest parliamentary group in the European Parliament. ECR group colleague, Joachim Starbatty, he has now also organised an initial workshop on the theme. “The fact of the matter is that not everyone is aware of the exact repercussions of the massive ECB interventions,” says Sander Loones. Former ECB chief economist Jürgen Stark also talked about the negative repercussions of the institution’s current ultra-low interest rate policy.

The workshop, the first in a series, is part of the new project Leergeld.EU, which aims to teach people once again what happens with their money. The website features news and information about money, the interest rate policy and the ECB. “The majority has definitely picked up on the fact that their savings no longer make a return. But does everyone also know that ECB policies are jeopardising their retirement pensions? Do they realise that the ECB is basically channelling funds from ordinary people to the very rich and the government? Do people understand that this policy restricts growth of Belgium’s productivity and that it shrinks purchasing power?”, Sander Loones wonders.

Petition: “Audit the ECB”

With a nod to the US, a campaign called “Audit the ECB” is being launched at the same time. In the US, discontent about the rescue of the banks with taxpayers’ money and about the Fed’s monetary experiments is turning out to be the ideal breeding ground for calls to carry out an audit of their central bank. “And in Europe as well, there are more than enough reasons to subject the ECB to an in-depth review. In the meantime, it has been two years since Mario Draghi first announced that he would get the ECB to start printing more money. There is growing criticism of that approach, especially now that its negative side-effects are becoming tangible. It is true that the ECB is independent, but it does have to stay within the scope of its mandate when it takes action, and in this context it is only normal that it has to justify its decisions,” says Sander Loones. “That’s why you should sign the petition at Leergeld.EU. By doing so you show that you demand greater transparency and an investigation into the impact of the monetary policy on banks, pension funds and the economy.”

The role of the European Central Bank (ECB) is further debated and criticised in more detail by Sander Loones here.