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What to Do About Eurozone Sovereign Debt

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Now more than ever, the European Stability Mechanism should be adapted to manage eurozone member states' sovereign debts. Otherwise, the bloc's financial stability will be jeopardized, and governments will end up being penalized simply for supporting their citizens through the pandemic.

ROME/EDINBURGH – The eurozone needs a new common policy to manage the sovereign debts accumulated by member states in response to the pandemic. The European Central Bank currently holds a large share of these debts, but it will need to unwind them when monetary-policy considerations warrant it.

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