Discover and read the best of Twitter Threads about #coronafund

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I think it's time for this now.

A thread on leaving of the euro.

Over the years, I have turned to a full-blown euro-skeptic. If one figure could be used to describe my transformation, it would be this. 👇

Simply put, euro has been an economic menace. 1/24
But, how to leave from it?

As everything starts with the legal/political arguments, for the euro-exit, there are three:

1. National emergency
2. Other force majeure
3. A change or violation of the Acts of the Treaties and/or principles of the Eurozone.

In the case of a national emergency (wars, epidemics, econ crises), a country may temporarily bypass all treaties and pursue actions needed to overcome the emergency.

Other force majeure refer to events that are abnormal, unforeseeable and beyond the control... 3/
Read 25 tweets
#COVID19 Economic Crisis: Sharing the Burden in Europe

Plenty of liquidity is on its way. It’s time to think about the distribution of losses. In the spirit of solidarity and in the view of spillovers, burden sharing should not remain an entirely national matter.

A thread 1/12
National measures have been announced to change the allocation of losses across sectors:

Households ➡️ public, eg via social safety nets
Corporates ➡️ public, eg via loan guarantees and grants
Corporates & HH ➡️ banks, eg via mortgage moratoria

The crisis hits the corporate sector hard. We must avoid corporate-sovereign doom loops. ☠️💥☠️

Therefore, we ideally deploy European burden sharing BEFORE national losses are passed on public balance sheets.

Too little discussion is taking place on this!

Read 12 tweets

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