Roundtable: Monetary Policy in the EU
Beneath the Spurious Legality of the ECB’s Monetary Policy

January 4, 2021

Marco Dani, University of Trento, Edoardo Chiti, Sant'Anna Scuola Universitaria Superiore Pisa, Joana Mendes, University du Luxembourg, Agustín José Menéndez, Universidad Complutense de Madrid, Harm Schepel, University of Kent, Michael A. Wilkinson, London School of Economics

Asked recently whether the European Central Back (ECB) would provide debt relief to Eurozone Member States by cancelling their bonds that it holds, President of the ECB Christine Lagarde replied categorically that it would not, because the Treaty forbids it.

Current Scholarship
The ECB and € E-Banknotes

Corinne Zellweger-Gutknecht, University of Basel, Benjamin Geva, Osgoode Hall Law School, Seraina N. Gruenewald, Radbound University Nijmegen

The modern monetary system is controlled by the state and yet linked to private deposit banking. Monetary value held in deposits with commercial banks is known as ‘commercial bank money’ (CoBM).