Policy Briefs

G. L. Tosato – Common debt: NextGeneration is not the first case

The feared judges in Karlsruhe will soon have to rule on the constitutionality in Germany of the planned issue of Eurobonds to finance the NGEU. The issues are the classic and recurrent ones: the measure in question would be both ultra vires and detrimental to the German constitutional identity.
Without going into the merits of these issues here, it would not be inappropriate to recall that the use of European public debt securities is nothing new. The first case took place in the mid-1970s.

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