Two of Europe’s most renowned economists have recently come out in favour of exploring some form of People’s Quantitative Easing. Former Greek Minister of Finance, Professor Yanis Varoufakis, and former IMF chief economist Olivier Blanchard have both agreed that an alternative form of quantitative easing could be a viable option.
Labour’s annual conference yielded some big news for money reformers last week: the Shadow Chancellor announced a review into the mandate of the Bank of England. For the first time since the 90s, a major party is questioning how the Bank of England controls money creation in the UK economy.
In his first speech as Labour’s shadow chancellor, John McDonnell has stated that the Bank of England should remain independent but that a debate on the Bank’s mandate is necessary. The new shadow chancellor also indirectly suggested that QE for the People should only be used to boost economic activity when aggregate demand is low.