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Global Central Bank for Green Transformation: Radical Proposal from Economists
Economists at the University of Witten propose a radical plan for green transformation. Find out how a global central bank could drive the energy transition! #Economy #Energy Transition #Globalization
Global Central Bank for Green Transformation: Radical Proposal from Economists
In the current discussion about the energy transition it is clear that global inequality is an obstacle. Economists at Witten University have made a radical proposal to address this problem. Their proposal is based on an idea by Keynes in the 1940s and envisages the creation of a global central bank (GC) that would introduce the ECOR currency.
The idea behind ECOR is that it can only be traded in connection with climate protection projects and is only accepted by participating central banks. This would, for example, allow a Bolivian NGO to purchase solar panels from China by having the Bolivian Central Bank take out a loan in ECOR from GZ. The NGO could then pay the equivalent in local currency to the Bolivian Central Bank, while the GZ credits the ECOR to the Chinese Central Bank.
The introduction of ECOR and a global central bank could finance transformation projects that would otherwise not be possible through conventional means. This win-win situation would also enable countries with trade deficits to participate in the green transformation and promote sustainable projects.
However, successfully implementing a green transformation on a global scale requires the cooperation and support of all decision-makers. It is a challenge that concerns all of humanity and could be advanced through the creation of supranational structures such as a global central bank. It remains to be seen whether these ideas will be shared and implemented by all parties.