Inflation

In order to evade another economic earthquake similar to or even bigger than the Greek crisis and to reinstate the trust in the Euro, the European Central Bank (ECB) took extraordinary measures to boost growth, raise inflation and indirectly lower the indebtedness of the Eurozone Member States: they started the Quantitative Easing (QE) program.

The 2007 financial crisis evidenced the weaknesses of the Eurozone. Since then, European policymakers have tried to save the euro and the European financial market. As consequence of the economic and political instability of the last years the European Central Bank has de facto gained more power vis-à-vis the other European Institutions and political actors. Today the ECB is fundamental for determining Member States’ economic policies in all areas, not only monetary policy.

The ongoing crisis, caused by excessive global debt, saw only financial institutions being protected. For life to come before debt we need to build an alternative to this out-of-control financial system.