the @FinancialTimes interview with Klaus Regling,
shows quite well the difference between fiscal powers and the austerity contraption that is the ESM. ft.com/content/865ced…
shows quite well the difference between fiscal powers and the austerity contraption that is the ESM. ft.com/content/865ced…
“One cannot create bonds out of nothing” - says a high-ranked European official at the historical moment when every large government in the word is doing precisely that, some in trillions. Yes we can!
if you are a multilateral institution - like ESM, IMF, World Bank, EIB - you cannot create bonds out of nothing. But that is precisely what the euro does not need.
when we talk about fiscal union, we dont talk about complex institutional layerings.
when we talk about fiscal union, we dont talk about complex institutional layerings.
what about a Dutch solution: concentrate fiscal authority over tax haven practices at European level.
Tax multinationals at uniform levels (bye-bye special arrangements). Use tax revenues to pay for coronabonds.
voxeu.org/article/corona…
Tax multinationals at uniform levels (bye-bye special arrangements). Use tax revenues to pay for coronabonds.
voxeu.org/article/corona…
