- I don’t understand how the financial system works 🤔
- My savings are losing their value 💸
- I’m worried about my pension 💰
- The gap between rich and poor is growing 📈
- Housing prices are too high 🏘️
- Banks are corrupt and self-serving 🐺
- Local businesses will go bankrupt (once support is withdrawn) 🧾
- Prices are going up 🛒
- Unemployment levels are too high 🤖
- The economy is fuelling the climate crisis ⛽
- We will never pay off the public debt 💶
- Bankers have too much power 🕴️
We will never pay off the public debt 💶
Even before Covid-19 hit Europe, we had high levels of public debt. The situation has only been aggravated by the lockdowns brought in across Europe to stop the spread of the virus. While the measures saved lives, they severely damaged the economy, leading governments to build-up huge amounts of debt to subsidise worker wages and increase social support. This debt could burden both ourselves and future generations if not dealt with responsibly.
→ Ⓔ The ECB can’t do everything, governments must fully use their budgetary powers This approach discusses the differences between the ECB’s monetary policies and governments’ fiscal policies, and some of the issues around growing levels of debt. It invites you to consider whether governments should increase their spending during times of crisis, to stimulate the economy, or whether it should turn to austerity measures, and the consequences of these different approaches.