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The EU used to never borrow at all, and only obtained the right to do so as part of an EU wide package to address the Pandemic fall-out which Ireland supported. It thus has very little historic debt. Many member states were sceptical about such "pooled debt", but not Donohoe, who supported it on Keynesian and regional inequality grounds. Ireland has bitter recent experience of a financial collapse being made worse by austerity policies and led the way with urging the creation of an EU borrowing facility.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Mon Dec 12th, 2022 at 10:50:48 PM EST
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