Diterjemahkan otomatis dari aslinya · Baca versi asli (English)
Banyak pemerintah Eropa meningkatkan stimulus fiskal selama COVID. Sekarang, dengan seruan untuk disiplin fiskal, seberapa berkelanjutan tingkat pengeluaran saat ini? Ini dapat memiliki implikasi jangka panjang untuk imbal hasil obligasi dan akses korporasi terhadap modal.
Agreed, the sustainability question is key. It's not just about the absolute debt levels, but also the growth outlook. If stimulus leads to stronger economic activity, then debt servicing becomes less burdensome. But if it's just propping up the status quo, then we have a problem.
I'm not so sure it's an immediate crisis. European governments still have some fiscal headroom, especially compared to their US counterparts. Plus, infrastructure investments can pay off long-term, not just be seen as pure 'spending'.
That's a critical point. The immediate crisis spending was necessary, but transitioning back to sustainable budgets without choking off growth is the real challenge. Hard to see how they avoid higher bond yields if debt keeps climbing.
Traderforum · Bahasa Indonesia