Debt mutualization in Europe is simply not enough and this is not a problem that can be solved with the stroke of a pen, Real Vision CEO Raoul Pal said during Friday’s Daily Briefing.
Pal said that Europe’s broader structural issue of being made up of economies operating with convergent monetary policy but divergent economic growth makes debt mutualization an impossible solution – especially as countries would still be able to behave independently on the fiscal side.
It feels like the answer, but it’s not the answer, he said, and argued that the eventual solution