mml-europe.bsky.social @mml-europe.bsky.social · 22h(1/5) Try this next time someone says inflation means we must cut public spending: ask which resource is actually short. Energy? Housing? Labour? Name the bottleneck first. Then pick the tool that fits it. #MMT #economics #EU 100
mml-europe.bsky.social @mml-europe.bsky.social · 13/10/2026(1/5) The EU fiscal rules are real. They are also a political choice, not an economic necessity. That gap decides whether Europe builds its schools, grids and railways or keeps postponing them. #MMT #economics #EU 120
mml-europe.bsky.social @mml-europe.bsky.social · 09/10/2026EU fiscal rules (SGP, debt brakes, ESM conditionality) constrain member-state spending; but they are political instruments, not economic laws. National central banks can create euros. The real limit on Eurozone action is inflation and real resources, not solvency. #MMT #economics #EU 010
mml-europe.bsky.social @mml-europe.bsky.social · 05/10/2026The EU's fiscal rules don't stop spending because they're economically necessary. They stop it because member states chose to accept them. That is a political fact, not a law of nature. Change the politics, and public investment can move. The constraint is political will, not euros. #MMT #economics 010
mml-europe.bsky.social @mml-europe.bsky.social · 25/09/2026EU fiscal rules exist. They are political constraints, not economic laws. The Stability and Growth Pact, debt brakes, ESM conditionality; these are real instruments that limit what member states can spend. But they are not immutable. #MMT #economics #EU 000
mml-europe.bsky.social @mml-europe.bsky.social · 23/09/2026Stop framing austerity as inflation control. Real inflation comes from resource shortages and price shocks, not spending. Austerity kills demand and jobs without fixing either. Manage inflation by securing resources, capping prices where needed, and investing in supply. #MMT #economics #EU 000
mml-europe.bsky.social @mml-europe.bsky.social · 21/09/2026The EU's fiscal rules aren't an economic limit. They're a political choice. Eurozone members can fund public investment; the ECB backstops member-state debt. What stops investment is not solvency but the will to spend. Rule changes are easier than they look. #MMT #economics #EU 010
mml-europe.bsky.social @mml-europe.bsky.social · 16/09/2026Inflation is real. Austerity is a choice. When prices rise, governments can act: cap energy bills, build public supply, create jobs that anchor wages. None of this requires cutting spending. The constraint is actual resources; fuel, materials, labour; not the size of the deficit. #MMT #economics 000
mml-europe.bsky.social @mml-europe.bsky.social · 14/09/2026The Stability and Growth Pact caps Eurozone deficits at 3% of GDP. But that limit is law, not economics. Member states can create euros via their national central banks. The real constraint on public investment is inflation and real resources, not the rules book. #MMT #economics #EU 000
mml-europe.bsky.social @mml-europe.bsky.social · 14/09/2026EU fiscal rules are political choices, not financial laws. National central banks can create euros for their governments. The SGP, debt brakes, and ESM conditionality decide when member states spend. The real constraint is inflation and real resources, not solvency. #MMT #economics #EU 011
mml-europe.bsky.social @mml-europe.bsky.social · 09/09/2026Austerity does not control inflation. What matters is real resource availability: energy, raw materials, labour, productive capacity. If inflation is driven by supply constraints, cutting demand via spending cuts just spreads unemployment without fixing scarcity. #MMT #economics #EU 011
mml-europe.bsky.social @mml-europe.bsky.social · 07/09/2026EU fiscal rules cap deficit spending. They are not economic law. A member state has the real capacity to invest in rail, housing, energy; the ECB backstops debt on the secondary market. The binding constraint is political will, not solvency. Rules can change. #MMT #economics #EU 000
mml-europe.bsky.social @mml-europe.bsky.social · 04/09/2026Inflation is real. It eats into wages and breaks supply chains. But it's not solved by unemployment. A tight labour market and rising wages don't cause inflation; they signal resources are stretched. The answer is capacity, not slack: public investment in energy, transport, housing. #MMT #economics 012
mml-europe.bsky.social @mml-europe.bsky.social · 02/09/2026The Stability and Growth Pact isn't economic law. It's a political choice. Eurozone members can fund public investment today without hitting a solvency wall, but the SGP deficit caps stop them anyway. The rule is real. The constraint is not. #MMT #economics #EU 011
mml-europe.bsky.social @mml-europe.bsky.social · 31/08/2026Europe faces a false choice: control inflation or fund public investment. That choice is a policy fiction. Inflation is a real-resource constraint, not a fiscal one. Target bottlenecks in energy, housing, and supply chains. Build capacity. #MMT #economics #EU 021
mml-europe.bsky.social @mml-europe.bsky.social · 28/08/2026Inflation is real, but it's not a reason to destroy jobs. A Job Guarantee anchors wages without requiring unemployment as a price brake. Manage real-resource bottlenecks; don't engineer poverty to control prices. #MMT #economics #EU 021
mml-europe.bsky.social @mml-europe.bsky.social · 26/08/2026Eurozone members face fiscal rules, not a lack of euros. The ECB backstops member-state debt on the secondary market. National central banks can create euros for public investment. The real constraint is inflation and resources, not solvency. Use existing mechanics to fund infrastructure now. #MMT 011
mml-europe.bsky.social @mml-europe.bsky.social · 24/08/2026EU fiscal rules are political choices, not economic limits. The Stability and Growth Pact, debt brakes, and ESM conditions cap spending by treaty, not by any inability to create euros. Member states can use existing exceptions when they choose to. #MMT #economics #EU 011
mml-europe.bsky.social @mml-europe.bsky.social · 21/08/2026EU fiscal rules are political choices, not economic laws. The SGP, debt brakes, and ESM conditionality are real constraints; but they exist because member states chose them. That same political will can create exceptions, suspend rules, or rewrite them. #MMT #economics #EU 022
mml-europe.bsky.social @mml-europe.bsky.social · 19/08/2026Money isn't a real resource. It's a tool governments invented to organise real ones. That changes everything about what public spending can do. Our Stockholm recap explores why so many economists struggle with this simple fact. #MMT #economics #EUmodernmoneylab.euMMT as a Policy Frame — Stockholm<p>Steven Hail opened the day by admitting he was, in his own words, not the expert many might expect: not Bill Mitchell, not Stephanie Kelton, not Warren Mosler, but a teacher travelling the world because, as he put it, there were no other volunteers. That self-deprecation set up the session’s real argument: you do not need to take anyone’s word …</p> 021
mml-europe.bsky.social @mml-europe.bsky.social · 17/08/2026Sweden's unemployment at 9.5% masks deeper slack: involuntary part-time work, stalled climate transition, policy trapped in scarcity thinking. Real constraint is resources, not money. A battery factory and a hospital need different workers and materials. #MMT #economics #EUmodernmoneylab.euSweden in Focus — Stockholm<p>The day’s final session handed the floor to a Swedish guest: Max Sternick, chief economist at Katalys, a union-funded think tank pushing for full employment, industrial policy and a faster climate transition. Where Hail had built the general case, Sternick’s job was to test it against Sweden’s own record, and against the specific arguments he hears in Swedish policy debates …</p> 021
mml-europe.bsky.social @mml-europe.bsky.social · 14/07/2026The euro's real constraint isn't money. National central banks can create euros. The binding limit is EU fiscal rules; the SGP, debt brakes, ESM conditionality. These are political choices, not economic laws. #MMT #economics 021
mml-europe.bsky.social @mml-europe.bsky.social · 13/07/2026The ECB's recent blog on economic models and uncertainty is a reminder: the models that justify austerity are outdated. Inflation and real resources, not deficits, are what bind us. Eurozone members can fund public investment without hitting a solvency wall. #MMT #economicsecb.europa.euStill fit for purpose? Upgrading our economic models for an age of uncertainty 032
mml-europe.bsky.social @mml-europe.bsky.social · 12/07/2026Inflation talk often brings the false choice: accept unemployment to control prices, or accept inflation to keep people employed. ECB board member Isabel Schnabel's recent remarks on inflation deserve scrutiny here. A Job Guarantee breaks this frame entirely. #MMTecb.europa.euIsabel Schnabel: Is inflation back? 021
mml-europe.bsky.social @mml-europe.bsky.social · 11/07/2026EU fiscal rules are political constraints, not financial ones. National central banks can create euros. The ECB backstops member-state debt on the secondary market. What stops investment in public services and green infrastructure is not solvency. #MMT 042
mml-europe.bsky.social @mml-europe.bsky.social · 10/07/2026Europe has cheap capital but starves for productive investment. Its largest firms now lend more than they build. This is not a market failure; it's a policy choice. Public investment in infrastructure, energy. #MMTsocialeurope.euEurope’s Largest Companies Now Lend More Than They Invest<img alt="" class="attachment-full size-full wp-post-image" height="752" src="https://www.socialeurope.eu/wp-content/uploads/2026/07/afe411-df6b-4b97-96cc-3f5fd47e1e86.jpg" style="margin-bottom: 15px; display: block;" width="1328" />Europe drowns in cheap capital yet starves for investment — because its biggest firms now lend rather than build. 131
mml-europe.bsky.social @mml-europe.bsky.social · 09/07/2026(1/5) EU fiscal rules are not economic laws. They are political choices written into treaties. Member states can break them, suspend them, or rewrite them when the political will exists. The question is never 'can we afford it'. It is always 'do we want to'. #MMT 121
mml-europe.bsky.social @mml-europe.bsky.social · 08/07/2026The digital euro is a chance to give people direct access to public money, not a tool for banks to protect their deposit monopoly. Trilogue negotiators must resist lobby pressure and design holding limits, privacy rules, and public distribution that serve users first. #MMTeuobserver.comIf EU leaders let banks write the rules, the digital euro will fail as public money<div><img alt="" class="attachment-thumbnail size-thumbnail wp-post-image" height="394" src="https://static.euobserver.com/2023/02/fa9cba2cfe5b102085696e8f4c4174e7-600x394.jpg" width="600" /></div>The digital euro is a once-in-a-generation opportunity to restore people’s access to public money and to realise a sovereign payment system in the digital age. Trilogue negotiators should not squander it by designing it in a way that serves the banking sector first and the public second. 011
mml-europe.bsky.social @mml-europe.bsky.social · 07/07/2026National central banks in the eurozone can create euros. The ECB backstops member-state debt on the secondary market. The real constraint on public investment isn't solvency; it's inflation and real resources. EU fiscal rules are political choices, not economic laws. #MMT 021
mml-europe.bsky.social @mml-europe.bsky.social · 06/07/2026Austerity cuts approval ratings, sparks protests, and raises the risk of government crises. Heimberger and Matzner's research shows the political damage is worst in downturns and when spending cuts are used alone. EU fiscal rules demand consolidation across the bloc. Read the evidence. #MMTbraveneweurope.comPhilipp Heimberger, Anna Matzner – Austerity erodes the governments that impose it<p>Fiscal consolidation packages reduce approval, drive protests and raise the odds of a major government crisis – especially in downturns Philipp Heimberger is an economist at the Vienna Institute for International Economic Studies (WIIW) Anna <a class="mh-excerpt-more" href="https://braveneweurope.com/philipp-heimberger-anna-matzner-austerity-erodes-the-governments-that-impose-it" title="Philipp Heimberger, Anna Matzner – Austerity erodes the governments that impose it">[...]</a></p> <p>The post <a href="https://braveneweurope.com/philipp-heimberger-anna-matzner-austerity-erodes-the-governments-that-impose-it">Philipp Heimberger, Anna Matzner – Austerity erodes the governments that impose it</a> appeared first on <a href="https://braveneweurope.com">Brave New Europe</a>.</p> 000
mml-europe.bsky.social @mml-europe.bsky.social · 05/07/2026Public investment in the Eurozone faces a real constraint, but it is not what the fiscal-rule debate pretends. The binding limit is not solvency; member states' national central banks can create euros. #MMT 011
mml-europe.bsky.social @mml-europe.bsky.social · 04/07/2026Eurozone members can still create euros. Their national central banks have the operational power to do so. What stops them is not monetary mechanics but EU fiscal rules; the Stability and Growth Pact, debt brakes, ESM conditions. Those rules are politically real. #MMT 011
mml-europe.bsky.social @mml-europe.bsky.social · 02/07/2026The euro's design flaw wasn't overspending by member states. It was giving them a currency they don't issue while keeping them responsible for fiscal policy. They use the euro like a foreign currency, bound by EU fiscal rules they can't unilaterally change. That's the original sin. #MMT 062
mml-europe.bsky.social @mml-europe.bsky.social · 01/07/2026Germany mobilised €100bn for defence and rail in 2025-26 despite its constitutional debt brake. The EU's fiscal rules bend when political will exists. That's not a law of economics; it's a choice about who gets what. #MMT 032
mml-europe.bsky.social @mml-europe.bsky.social · 30/06/2026The euro's original design held a fatal asymmetry: member states surrendered control of monetary policy to the ECB but retained full fiscal responsibility. This forced them to use a currency they do not issue while being held accountable for public spending. The result was predictable. #MMT 121
mml-europe.bsky.social @mml-europe.bsky.social · 29/06/2026The euro's fiscal architecture inverts the normal logic of currency issuance. Member states use a currency their own central banks can create but are forbidden by political rules to deploy. This is not monetary impossibility; it is fiscal-rule constraint. #MMT 011
mml-europe.bsky.social @mml-europe.bsky.social · 28/06/2026(1/3) Public investment in healthcare, education, climate action is not unaffordable. Governments create currency when they spend. The real constraint is resources and inflation, not deficits. Today, Sunday 28 June in Brussels we unpack how. #MMT 121
mml-europe.bsky.social @mml-europe.bsky.social · 27/06/2026Public investment is not unaffordable. Governments create currency when they spend. The real constraint is inflation and resources, not deficits. Learn how to counter austerity claims at our workshop today in #Stockholm. #MMT #EUEconomyevents.humanitix.comhttps://events.humanitix.com/anti-austerity-economics-stockholm 041
mml-europe.bsky.social @mml-europe.bsky.social · 25/06/2026Saturday 27 June in Stockholm: a full-day workshop on how governments actually spend money and what real constraints look like. The myth that public investment must be "paid for" by cuts elsewhere collapses once you understand monetary sovereignty. #MMTevents.humanitix.comhttps://events.humanitix.com/anti-austerity-economics-stockholm 011
mml-europe.bsky.social @mml-europe.bsky.social · 24/06/2026The euro forced member states into an operational contradiction: they issue fiscal policy but not the currency. National central banks can create euros; the mechanics exist; yet EU fiscal rules forbid the political act. This is not monetary impossibility. #MMT 021
mml-europe.bsky.social @mml-europe.bsky.social · 23/06/2026Public investment is not unaffordable. EU fiscal rules are political choices, not economic laws. Join us in Brussels on 28 June for a workshop on how governments actually spend money, what real constraints exist, and how to build the case for public services that work. #MMTevents.humanitix.comhttps://events.humanitix.com/anti-austerity-economics-brussels 042
mml-europe.bsky.social @mml-europe.bsky.social · 22/06/2026Join us in #Stockholm on 27 June for a workshop that dismantles the austerity myth. You'll learn how governments actually spend money, why public investment in healthcare, education, climate action is affordable. #MMTevents.humanitix.comhttps://events.humanitix.com/anti-austerity-economics-stockholm 032
mml-europe.bsky.social @mml-europe.bsky.social · 21/06/2026Thank you to everyone who joined us at Modern Money Lab's workshop in Brighton on Saturday 20 June. We heard from Steven Hail on MMT as a policy frame, Patricia Pino on public investment and the cost of living crisis, Christian Reilly on moving from austerity to sufficiency. #MMT 041
mml-europe.bsky.social @mml-europe.bsky.social · 20/06/2026Today is the day. Join us in Brighton for From Austerity to Resilience. Steven Hail, Patricia Pino, Christian Reilly, and Sheridan Kates walk you through how governments actually spend money and why public investment is always affordable. Saturday 20 June, 10:30am-4pm at Jubilee Library. #MMT 133
mml-europe.bsky.social @mml-europe.bsky.social · 19/06/2026EU fiscal rules halted spending on healthcare, pensions, rail. Then came COVID. Within weeks, the rules suspended. Spending resumed. No collapse. The constraint was never economic. It was political choice. Rules bend when the will exists. That's the real lesson for progressive Europe. #MMT 011
mml-europe.bsky.social @mml-europe.bsky.social · 18/06/2026Join us in Brussels on Sunday 28 June for a full day of MMT. We'll dismantle the myth that public investment is unaffordable. Learn how governments actually spend, what's really possible, and how to win the argument for the services and climate action Europe needs. Newcomers welcome. #MMTevents.humanitix.comhttps://events.humanitix.com/anti-austerity-economics-brussels 011
mml-europe.bsky.social @mml-europe.bsky.social · 17/06/2026The ECB can purchase member-state debt directly; national central banks can create euros for government spending. What stops this is not monetary mechanics but EU fiscal rules; a political choice made in 2011 and suspended in 2020. #MMT 011
mml-europe.bsky.social @mml-europe.bsky.social · 16/06/2026Join us Sunday 28 June in Brussels for a full day of anti-austerity economics. We'll dismantle the myth that public investment is unaffordable. Steven Hail leads three sessions: Finding the Money, Anti-Austerity Economics for Europe, and How to Win. No economics background needed. #MMTevents.humanitix.comhttps://events.humanitix.com/anti-austerity-economics-brussels 011
mml-europe.bsky.social @mml-europe.bsky.social · 15/06/2026Public investment is not unaffordable. Austerity is a choice, not a necessity. Join us in Stockholm on 27 June for a full day workshop with Modern Money Lab founder Steven Hail. #MMTevents.humanitix.comhttps://events.humanitix.com/anti-austerity-economics-stockholm 021
mml-europe.bsky.social @mml-europe.bsky.social · 14/06/2026Coming to Brighton this month? Join us on 20 June for a full day of MMT economics led by our founder Steven Hail. Patricia Pino and Christian Reilly from the MMT Podcast are here too, alongside Sheridan Kates on why bond-market fears don't hold up. #MMTevents.humanitix.comhttps://events.humanitix.com/anti-austerity-economics-brighton 121
