The legal argument that freezing public debt held by the ECB violates Article 123 of the Treaty on the Functioning of the European Union is false.

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• During post-2008 fiscal consolidation, the costs of high public debt were overestimated and fiscal multipliers were underestimated, understating the output costs of austerity. OBOlivier Blanchard1 Jun 2022public debt
• The lower a country's neutral interest rate, the smaller the fiscal and welfare costs of public debt and the larger its welfare benefits. OBOlivier Blanchard1 Jun 2022public debt
• The main obstacle to sound fiscal policy debate is a widespread, quasi-religious belief that public debt is inherently bad. OBOlivier Blanchard1 Jun 2022public debt
• When safe interest rates are expected to remain below growth rates for a long time, rolling over public debt without later tax increases is feasible and public debt may carry no fiscal cost. OBOlivier Blanchard11 Feb 2019public debt
• A coalition from the US and EU to Saudi Arabia and the Palestinian Authority should take Gaza from Hamas, rebuild it and demilitarise it YHYuval Noah Harari12 Oct 2023Europe

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