After having built a hyperinflationary potential by decoupling the financial economy from the physical economy, the ECB now says climate change, and ultimately the physical economy, is responsible for inflation. That is why the European Central Bank pushes Green Transition, ECB executive board member Piero Cipollone said at a conference in Trent May 27. Cipollone said the EU must invest 3.7% of its GDP to stop climate change. (3.7% of EU GDP is €620 billion. Add this to the 2% military spending required by NATO and pledged by EU dupes, and you have almost €1 trillion).
Commenting on Cipollone, energy analyst Enrico Mariutti told the daily Il Giornale: “In Rome, we say ‘Quenching thirst with Prosciutto.’ I want to remind you that when inflation took off, both the Fed and the ECB characterized it as Greenflation, that is inflation generated by costs of renewable energies.
“Climate Change and Monetary Policy” was the panel at the Festival dell’ Economia di Trento featuring Cipollone.
“The EU is currently not yet on track to meet its climate targets for 2030 and 2050,” Cipollone complained, and cited a report by the Network for Greening the Financial System, the central bank Green Club set up by bankster Mark Carney ("Green is the new Gold"), insisting that “These scenarios underline that to achieve the net zero target by 2050 the share of fossil fuels in the EU energy mix must be reduced from around 73% in 2020 to around 20% in 2050.” And to do this requires investing 3.7% of the EU’s GDP.
