‘Eurobond’ plan would secure our economic future

FIRSTLY, let’s get to the root of the problem that plagues all western democracies, namely the fact that most politicians regard being re-elected as their first priority, resulting in their reluctance to take hard economic decisions.

Now let’s negate this unrelenting flaw by introducing the “Eurobond” with strict economic rules attached. If a country operates within the agreed economic limits, politicians have control of budgetary decisions. Where the economic criteria are not met, the ECB intervenes to get the economy back within agreed limits. The privilege of being able to borrow with Eurobonds is exchanged for allowing an outside authority to manage our economic affairs if we fail to do so ourselves. The euro would get a boost by being the only currency where the politicians were restrained from financial irresponsibility and would be well placed to become the world’s leading reserve currency. We would get a form of stability never previously experienced, a prize to secure our future.

Brian Busteed