What good are rules that no one follows? This is a question that needs to be asked when looking at the explosion of public debt in the EU. A new proposal causes heated discussions.
For example, only eight of the 19 countries in the Eurozone have a national debt of less than 60% (of GDP) allowed under the Maastricht rules. Most recently, budget deficits – a maximum of 3% is actually allowed – and new loans have risen sharply again.
Due to the effects of the pandemic, these “tax rules” were suspended until the end of 2023. But since then there has been a heated debate about how they can be adjusted. After all, countries that have had a high debt for decades, such as Greece, Italy, Portugal or Spain, will never be able to reach 60% again.
Source: Krone
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