Bankocracy, or a new age of the European Central Bank

Marie Cuillerai

Chapter 4 in Central Banking, Monetary Policy and Social Responsibility, 2022, pp 74-87 from Edward Elgar Publishing

Abstract: European Central Bank (ECB)'s institutional transformations are consolidating and relate to the tools for pooling public debts. To analyse the political scope of the ECB's unconventional action strategies, we will first shed light on the context in which the debt problem, both private and public, unfolds. From the dramatic turn of events, that set the stage for the Greek people's referendum on the Troika's debt adjustment proposals in July 2015, right up to the current situation. Secondly, we will present how what Marx coins as a power of bankocracy has exercised its hegemony in the settlement of the Greek crisis at the expense of democratic values. We will then look at the issue of the ECB's sovereignty through the policies it has pursued over the past two decades and new issues related to the pandemic. The last part of this article is devoted to debt and monetary creation. We see at work the power of bankocracy, but also the opening of an alternative horizon linked to the democratization of money.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2022
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