A lot of the 90s era monetary economics that the euro is intertwined in has been collapsing as a dominant school of thought. Covid plays a role here, but a lot of it has been building since 2009 & the greek debt crisis. I don't think many are ready (especially in germany) to throw out institutions, even ethereal intellectual ones... but OTOH change has come. Military emergencies, historically, are pivot points for monetary infrastructure... FWIW.

Interestingly, I'm not sure the german constitution necessarily has to change. In some sense, the more conceptually radical solutions wouldn't require it. ECB debt, or at least the debt transferred to the ECB in the 90s, just needs to stop being considered debt.

Now if that doesn't sound like the ideal starting point to ever more lying into ones own pocket about money and debt.

> ... ECB debt, or at least the debt transferred to the ECB in the 90s, just needs to stop being considered debt.

Without diving too deep into what such a sentence means in practical terms .. purely semantically it sounds a lot like consciously ignoring some inconvenient numbers, hoping they'll magically dissolve.

It'll "work" for some time and by "work" I mean, people will notice the bad effects but still put up with unsound government budgeting .. but it's surely not a healthy/stable dynamic of an economic system. Pair this looking away with what is basically an imperative (because of climate crisis) to not further _increase_ the worldwide output of material goods but _reduce_ it (as long as most products aren't climate neutral, which will remain the case for quite some time) and you'll look at a dire prospect concerning prices/inflation.