«We must therefore return to monetary and fiscal normality. The burden of public debt must be reduced. Otherwise, there is a danger that the Covid-19 pandemic will be followed by a “debt pandemic”, with dire economic consequences for Europe. With their ageing populations, EU countries will struggle to match the US and China in productivity and competitiveness if they allow excessive debt to jeopardise their financial flexibility. Thus, all eurozone members must engage in efforts to return to stricter budgetary discipline.
Experience shows that balanced budgets in countries with high levels of debt are almost unattainable without external pressure. Left to their own devices, members of a confederation of states are likely to succumb to the temptation of incurring debt at the expense of the community.»Europe’s social peace requires a return to fiscal discipline, Wolfgang Shäuble no Financial Times
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