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The Corona debt conundrum in the Eurozone: limits to stabilisation by monetary policy and the search for alternatives
Das Corona-Schuldenproblem in der Eurozone: Grenzen der Stabilisierung durch die Geldpolitik und die Suche nach Alternativen
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Stiftung Wissenschaft und Politik -SWP- Deutsches Institut für Internationale Politik und Sicherheit
Abstract One of the most serious economic and social consequences of the pandemic is the higher public debt of the Eurozone countries. The massive interventions of the Eurosystem have lowered borrowing costs to record lows. For some time to come, the sustainability of the public finances of the most indebte... view more
One of the most serious economic and social consequences of the pandemic is the higher public debt of the Eurozone countries. The massive interventions of the Eurosystem have lowered borrowing costs to record lows. For some time to come, the sustainability of the public finances of the most indebted Eurozone countries will depend on expansionary monetary policy. However, this approach raises questions. It is uncertain how long monetary policy can support the debt market of the EU-19, whether there are effective alternatives, and what impacts the high debt levels and the interventions of the European Central Bank (ECB) will have on the foundations of the Eurozone. (author's abstract)... view less
Keywords
EU; fiscal policy; fiscalism; monetary policy; credit policy; national debt; European Central Bank
Classification
Public Finance
European Politics
Free Keywords
Öffentliche Finanzpolitik; Öffentliche Verschuldung; Finanzinstrumente; Wirkung/Auswirkung; Epidemie/Pandemie; COVID-19; Demographischer Wandel; Italien; Portugal; Griechenland; Kosten/Aufwand; Gesundheitswesen; Altenbetreuung/Altenhilfe; System sozialer Sicherung; Rentenversicherung
Document language
English
Publication Year
2021
City
Berlin
Page/Pages
7 p.
Series
SWP Comment, 23/2021
DOI
https://doi.org/10.18449/2021C23
ISSN
2747-5107
Status
Published Version; reviewed
Licence
Deposit Licence - No Redistribution, No Modifications