
Public debt monetisation and the credibility of the ECB
What stops public debt being monetised to avoid the pain of prolonged austerity after the pandemic? An obsolete economic theory of ‘credibility’.
What stops public debt being monetised to avoid the pain of prolonged austerity after the pandemic? An obsolete economic theory of ‘credibility’.
As the eurozone faces into a deep recession, a transparent prisoner’s dilemma is preventing it from stopping the slide.