As to the bankruptcy, well, technically, all Western countries are insolvent and their borrowing is kept on life support by pawning future tax revenues (this is how these things work).
My gut feeling is that these 'EU-Bonds and EU-Bills' will be used by the EU Commission to 'rescue' any membe…
As to the bankruptcy, well, technically, all Western countries are insolvent and their borrowing is kept on life support by pawning future tax revenues (this is how these things work).
My gut feeling is that these 'EU-Bonds and EU-Bills' will be used by the EU Commission to 'rescue' any member-state that gets into trouble; of course, Brussels will demand its pound of flesh, so to speak, hence I consider this a kind of extortion racket:
'Oh, you need some emergency money? Sure, here you go--but what do you offer in return?'
I think this capability will actually hasten the insolvency of member-states (and perhaps also the UK) as the EU Commission can now 'bail out' member-states and supersede them by adding terms and conditions.
I think that these will be used like war bonds.
As to the bankruptcy, well, technically, all Western countries are insolvent and their borrowing is kept on life support by pawning future tax revenues (this is how these things work).
My gut feeling is that these 'EU-Bonds and EU-Bills' will be used by the EU Commission to 'rescue' any member-state that gets into trouble; of course, Brussels will demand its pound of flesh, so to speak, hence I consider this a kind of extortion racket:
'Oh, you need some emergency money? Sure, here you go--but what do you offer in return?'
I think this capability will actually hasten the insolvency of member-states (and perhaps also the UK) as the EU Commission can now 'bail out' member-states and supersede them by adding terms and conditions.