ECB Needs to Finance Coro­na Bud­get Defi­cits

Sooner or later, the ECB must accept that monetary financing in support of deficit spending is a necessity not just for mitigating the Corona crisis, but also for averting a downward deflationary cycle that could pull the Eurozone apart. It is time to think outside the box and to set aside dogmas that may be appropriate in normal times but not when we face an existential crisis.