TAE calls for: A clear NO to permanent European debt!

The Pandora’s box of joint EU debt must not be opened!

What we warned against early on and in no uncertain terms in connection with the EU’s ‘one-off’ borrowing to tackle the coronavirus pandemic (the Next Generation programme) is now becoming a reality: In a letter to the President of the European Commission, Ursula von der Leyen, the Socialists and Democrats in the European Parliament (S&D) have called for a “proposal to introduce a permanent fiscal capacity as a counter-cyclical stabiliser”.

Put simply, this means nothing less than the permanent introduction of shared EU debt with the stated aim of offsetting future “economic fluctuations in EU countries”. The Pandora’s box of shared EU debt is set to be opened – should the Socialists in the European Parliament get their way. This would see our worst fears come true: a shift away from the promise of a one-off exemption in the fight against the COVID-19 pandemic towards permanent EU debt.

“We at the Taxpayers Association of Europe categorically reject this demand by the President of the European Commission, Ms von der Leyen, and say a resounding NO to this madness of EU debt,” said TAE President Rolf von Hohenhau.

Download the full text of the press release (PDF)