Présentation by Daniel Munevar during OID-CADTM Training session (12 and 13 December 2011 in Belgium): What do banks do and why is the debt they claim from governments illegitimate? How do they get their money? What do they do with people’s savings? Relationships between banks and the ECB
European Central Bank The European Central Bank is a European institution based in Frankfurt, founded in 1998, to which the countries of the Eurozone have transferred their monetary powers. Its official role is to ensure price stability by combating inflation within that Zone. Its three decision-making organs (the Executive Board, the Governing Council and the General Council) are composed of governors of the central banks of the member states and/or recognized specialists. According to its statutes, it is politically ‘independent’ but it is directly influenced by the world of finance.
https://www.ecb.europa.eu/ecb/html/index.en.html , the Fed FED
Federal Reserve Officially, Federal Reserve System, is the United States’ central bank created in 1913 by the ’Federal Reserve Act’, also called the ’Owen-Glass Act’, after a series of banking crises, particularly the ’Bank Panic’ of 1907. , central banks of EU member states. What are CDS CDS
Credit Default Swaps Credit Default Swaps are an insurance that a financial company may purchase to protect itself against non payments. ? What is the interbank market Interbank market A market reserved for banks where they exchange financial assets among themselves and borrow/lend over the short term. The interbank market is also where the European Central Bank (ECB) intervenes to provide or take back liquidities (management of the money supply to control inflation). ? What have they done since the 2007-2008 crisis? How does the debt secundary market work? Bank nationalisations since 2007. What kind of nationalisation does CADTM promote?
is a 30-year-old post-Keynesian economist from Bogotá, Colombia. From March to July 2015 he worked as a close aide to former Greek finance minister Yanis Varoufakis, advising him on issues of fiscal policy and debt sustainability.
He was previously fiscal advisor to the Ministry of Finance of Colombia and special advisor on Foreign Direct Investment for the Ministry of Foreign Affairs of Ecuador.
He is considered to be one of the foremost figures in the study of Latin American public debt. He is member of CADTM AYNA.
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31 March 2015, by Pierre Gottiniaux , Eric Toussaint , Antonio Sanabria , Daniel Munevar
16 March 2015, by Daniel Munevar
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10 October 2013, by Daniel Munevar , Eric Toussaint
2 September 2013, by Daniel Munevar , Eric Toussaint
12 July 2012, by Daniel Munevar
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