Tuesday 20 February 2018

Keeping an eye on debt best way to stay out of trouble

Brendan Keenan

Brendan Keenan

THE Organisation for Economic Cooperation and Development is not known for its pithy sayings. Yet, in just 30-odd words, it has managed to summarise all the dangers of belonging to the single European currency.

"The lack of control over monetary policy, the no-bailout clause, the absence of debt pooling, a higher dependency on foreign financing and difficulties in adjusting to shocks," are the words in question. Any newspaper sub-editor would be proud to get so much information into so little.

They come, not from a newspaper of course, but a recent report, in the more usual orotund style, on desirable debt levels for countries and the kind of budget rules which might enable them to be achieved.

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