Brussels to propose €56 billion raid on ECB profits

Ivo Arnold, Vice Dean and Professor of Economic Education at Erasmus School of Economics

Brussels is considering a €56 billion raid on European Central Bank profits to plug a hole in the EU’s long-term budget after Brexit. The European Commission will discuss the plan at its weekly meeting on Wednesday, where it is due to consider a range of new revenue sources as it tries to maintain its financial firepower once the EU’s second-biggest net budget contributor leaves the bloc in 2019. Ivo Arnold, Professor of Monetary Economics at Erasmus School of Economics, conducted an interview for the Dutch radio station BNR Nieuwsradio in which he shares his opinion on the matter

‘It’s a creative solution, but the ECB could also ask the minister of finance for the money because the profits of the ECB go to the shareholders. They’re looking for own resources without having to consult national governments. ‘

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Listen to the entire fragment of the Dutch radio station BNR Nieuwsradio, 28 March 2018.