Public borrowing in times of COVID: lessons from post-WWII France

BENJAMIN LEMOINE The economic and fiscal consequences of COVID-19 are unprecedented in peacetime. They have overwhelmed old dogmas, even Germany’s “Schwarze Null” (balanced budget) and its “Schuldenbremse” (debt brake). Nevertheless, one crucial, yet mistaken, dogma remains doggedly in place: the State continues to be seen as the debtor of private finance, as an “applicant” for capital who must submit to … Read More