The eurozone’s best option to address the debt sustainability challenge posed by Covid-19 may entail a shared programme provided by the European Stability Mechanism (ESM).
But there are many obstacles – economic and political – to overcome before Europe can mutualise even a portion of its debts.
Former Eurosystem officials stress the need to provide immediate help to economies under stress, prioritising the healthcare sector, and liquidity measures to prevent the disappearance of companies
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