A financing plan for the transition via the ECB and the EIB could be the key, but it requires an overhaul of our institutional framework and a move beyond monetary orthodoxy.

Rethinking Europe's energy and industrial sovereignty: a Marshall Plan for the ecological transition

We need a new European pact that would allow for massive investment in the ecological transition, while reducing our energy and industrial dependence. The solution? Issuing green bonds, bought back by the ECB, to finance long-term projects without increasing public debt. A model inspired by proposals from Joseph Stiglitz and strategies adopted by other major global players.

The EU must reinvent itself, and a reform of the European Treaties seems essential to enable the EIB to fully play its role as the financial engine of this transition. It is time to learn from history, as in 1947 with the Marshall Plan, to build a sustainable future, in Europe and beyond.

It is urgent to act to reindustrialize Europe, preserve our economic sovereignty, and respond to climate challenges with bold solutions.

Link to the tribunal of Jean Michel Nogueroles, on the site transitionsernergies.com