Europe's Sovereign Debt Crisis

Europe’s sovereign debt crisis is a root cause of economic inequality and underinvestment in public services. To tackle this crisis, the European Pirate Party proposes a bold solution: we call for the European Union to take on the national debt of all member states as part of the next stage of European integration.

By pooling national debts at the European level, we can liberate member states from the chains of debt and create a more level playing field. This would allow member states to redirect resources towards public services, education, and infrastructure, which would create jobs, stimulate growth, and raise living standards across the continent.

Our proposal is not just about debt management; it’s about building a stronger, more cohesive Europe. By promoting fiscal integration and solidarity, we can reduce the risk of future debt crises and create a more stable economic environment for businesses and citizens alike. This will not only benefit Europe, but the global economy as a whole.

This seems to be prohibited by Article 123 TFEU which prevents monetary financing by the central bank.

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I do not take the position that government debt is a serious problem. Debt is first and foremost someone else’s asset. “Harmful” at most are the interest rates that a bank charges, and with what justification? These serve the money creation and the impoverishment of the citizens, because they must be paid at the end (only) by these by their work performance.

I appreciate the suggestion, the goal, and the sentiment this is written with but this would break EU to pieces with years if not months for a list of economical, political, and financial reasons (leaving aside the fact that the ECB is not the right institution for such a proposal).

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