Monetary policy in Europe has gone from being a tool to help states make structural reforms, to an excuse not to carry them out.

The steady funding of deficits of countries that perpetuate structural imbalances has not helped strengthen growth, as the eurozone has seen constant GDP estimate cuts already before the covid-19 crisis, but it is whitewashing the extreme left populists that defend massive money printing and modern monetary theory (MMT), threatening the progress and growth of the eurozone. Populism is not fought by whitewashing it, and the medium and long-term impact on the euro area of this misguided policy is unquestionably negative.



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