Who Pays for the Green Deal? (Project-Syndicate)

As laudable as they are, the European Commission’s proposals for addressing climate change rely overwhelmingly on forms of financing that violate EU rules. Because the Commission is barred from assuming debt, the European Investment Bank will do so on its behalf, and the European Central Bank will ultimately be left holding the bag.

https://www.project-syndicate.org/commentary/european-union-green-deal-violates-ecb-rules-by-hans-werner-sinn-2020-01

Hans-Werner Sinn, Professor of Economics at the University of Munich, was President of the Ifo Institute for Economic Research and serves on the German economy ministry’s Advisory Council. He is the author, most recently, of The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs.

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