Bill Mitchell – ECB should take over and repay all the joint debt held by the European Commission after the pandemic

1. The responsibility for the joint debt be taken off the European Commission and handed over to the ECB. That could easily be done.

2. The ECB then pays the debt off when payments fall due with a stroke of a computer keyboard. It is the currency issuer and has infinity minus one euro penny capacity to do this.

3. No liability or conditionality would be imposed on the Member States.

No fiscal crisis.

No austerity necessary when the opposite (as Draghi notes) is required.

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