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The American debt ceiling isn't a debt brake though. It incorporates absolutely no relationship between debt and GDP. It's just an arbitrary nonsensical number. Whereas a eurozone debt brake calibrates the proper amount of debt to GDP. Or else budget deficit.

There's a big difference in that the American one cannot but be broken repeatedly whereas in principle, one might never break through the eurozone barrier.

by Upstate NY on Wed Sep 7th, 2011 at 04:58:39 PM EST
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