EBZ-ren txosten berria

Warren Mosler-en ECB research report, Personal income and outlays, Chicago pmi, Consumer sentiment1

Looks to me like this opens the door to fiscal relaxation!!!

In an economy with its own fiat currency, the monetary authority and the fiscal authority can ensure that public debt denominated in the national fiat currency is non-defaultable, i.e. maturing government bonds are convertible into currency at par. With this arrangement in place, fiscal policy can focus on business cycle stabilisation when monetary policy hits the lower bound constraint. However, the fiscal authorities of the euro area countries have given up the ability to issue non-defaultable debt. As a consequence, effective macroeconomic stabilisation has been difficult to achieve. Coordinating the fiscal policy of the individual countries around a common euro area, non-defaultable debt instrument would improve business cycle outcomes. Corsetti et al. (2016) describe this proposal in greater detail and discuss possible challenges, including the risk of a restructuring of national public debt”.

Source: https://www.ecb.europa.eu/pub/economic-research/resbull/2017/html/ecb.rb170629.en.html

Corsetti, G., Dedola, L., Jarociński, M., Maćkowiak, B., and Schmidt, S. (2016), “Macroeconomic stabilization, monetary-fiscal interactions and Europe’s monetary union”, Working Paper Series, No 1988, ECB.

Hortaz, badirudi politika fiskalak bere rola egin ahal izango duela…


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