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See detailLa mutualisation des dettes européennes implique nécessairement un renforcement de la discipline budgétaire
Allemand, Frederic UL

in Gestion & Finances publiques (2020), (4), 37-42

Pooling of member-states debts is not authorized by European treaties and would imply a handing over of budgetary responsibilities from member States to the Union. Restructuring these debts is practicable ... [more ▼]

Pooling of member-states debts is not authorized by European treaties and would imply a handing over of budgetary responsibilities from member States to the Union. Restructuring these debts is practicable according to ordinary law (collective action clause) and backed by the European Stability Mechanism. There are also some alternative solutions which are more in keeping with the Union spirit: budgetary discipline, financial aid backed by the EIB, asset purchasing by the ECB which does not go without risks and has limits. [less ▲]

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