New rules sound like old rules. "Old" EU on average went above 60% right after signing original treaties without any serious issues so it seems like it was very flexible already too.
The worrying thing is that this doesn't even line up with modern economics / science. 60/3 limit is entirely arbitrary and based on 3 decades old wishful thinking.
You're right that it's preferable to lower debt when conditions are right but we're exact opposite situation. Green transformation, military spending, recovery after pandemic are critical expenditures. Green transformation is an investment that's going to pay for itself so artificial ceiling is just dumb. Without military buildup everything could be for nothing.
Neokeynsian or MMT economics would say that debt ceiling should reflect multiple factors but the currency you're borrowing in is a pretty important. We've also learned time and time again that austerity destroys economies, livelihoods and benefits those that are already wealthy. You have to invest to recover unless you plan on closing down the shop entirely.
For example, Polish debt is at ~50% of GDP at the moment (and that is after being much lower prior to pandemic). 80% of that debt is in PLN so were essentially borrowing from ourselves and repaying ourselves. Yet it's becoming a big deal that our temporary military expenditures are pushing us over 3% yearly limit. The whole policy is divorced from reality and kneecaps European economies. One of economists I follow calls it financial anorexia.
Come on, our prisons are not Istanbul bad and the people that we jail are killed very rarely. Additionally policemen never go to prison so you know you're protected by the best that society has to offer.
I'm sorry to say but this person is unfit to mod c/Europe and has been deleting posts quite arbitrarily. Can you please do a fresh mod call? If you don't find anyone else I can volunteer my time in the interim.
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Macron: Nuclear arms should be part of EU defense debate ( www.dw.com ) Englisch
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Polish minister outlines how previous government used spyware ( www.euronews.com ) Englisch
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Ukraine war: Kyiv tightens pressure on fighting age men abroad ( www.bbc.co.uk ) Englisch
EU lawmakers approve overhaul of budget rules ( p.dw.com ) Englisch
The new rules stipulate that a state's debt must not go beyond 60% of GDP and its public deficit must stay below 3%...
Germany and Britain detain suspected Chinese spies ( www.aljazeera.com ) Englisch
Pornhub, XVideos, Stripchat face strict EU rules, Commission says ( www.reuters.com ) Englisch
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Two arrested in Poland over attack on Navalny ally Leonid Volkov ( www.bbc.com ) Englisch
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Get drunk, not high at Oktoberfest, Bavaria says ( www.dw.com ) Englisch
Brussels police shut down hard-right gathering with Orbán and Farage ( www.euronews.com ) Englisch
Germany bans Yanis Varoufakis from entering the country - DiEM25 Communications ( diem25.org ) Englisch
German police shut down pro-Palestinian conference - DW
Polish pupils happy about new government limits on homework ( www.euronews.com ) Englisch
France to launch €49 summer rail pass for young people ( www.euronews.com ) Englisch
Shooting and blast reported at concert hall near Moscow ( www.theguardian.com ) Englisch
US embassy warns of imminent attack in Moscow by 'extremists' [March 8th] ( www.reuters.com ) Englisch
EU Antitrust Chief Warns Apple About App Store Fees and Safety Warnings ( www.macrumors.com ) Englisch
cross-posted from: https://sopuli.xyz/post/10598710...
c/europe is looking for mods Englisch
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Germany legalises cannabis, but makes it hard to buy ( www.bbc.co.uk ) Englisch
Requests for couples euthanasia rise in the Netherlands ( english.elpais.com ) Englisch
Dutch school phone ban to come into force next month ( www.euronews.com ) Englisch
Finland and Italy seek to hinder restrictions on single-use packaging ( www.euronews.com ) Englisch
West Bank: EU could sanction violent Israeli settlers ( www.dw.com ) Englisch
Amsterdam: Speed limit will be 30 km/h on most roads from today ( www.amsterdam.nl ) Englisch
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Turkey's president submits Sweden's NATO bid to parliament for ratification ( www.euronews.com ) Englisch