central banks could channel new money into national investment banks for ‘green’ and social infrastructural projects, such as community-based renewable energy systems, as part of the long-term infrastructural transformation that is urgently needed—an idea now known as ‘Green QE’.53 Such ideas for state-led monetary redesign at first seem radical, but they are increasingly looking feasible. And at the same time as promoting greater economic stability, they would promote greater equality, tending to favour the low-income and indebted rather than favouring banks and asset owners.
