Countries using the € can’t actually print money, only the European Central Bank can. So for any individual country, MMT doesn’t apply, it’s still mainstream economics as per the table in the article you linked. When we have a budget shortfall in Estonia, we sell bonds, cut costs or raise taxes. And our taxes are pretty fucking high already.
If you’re a smaller nation with its own currency, i.e not the US or China and not part of the EU bloc, printing more currency just means it’s worth less in other currencies and since you have to buy things (such as, again, vaccines and medicine) from other countries, you end up losing in purchasing power and you’ll still have to decide what to buy and what not to buy. This is the “MMT in practice” section in your article where it mentions high inflation for pretty much all the countries that tried it, which are basically all latam countries. For SOME reason, no developed countries outside of the US do this at any scale, perhaps because nobody else’s currency can take infinite printing without being devalued to fuck all.
Countries using the € can’t actually print money, only the European Central Bank can. So for any individual country, MMT doesn’t apply, it’s still mainstream economics as per the table in the article you linked. When we have a budget shortfall in Estonia, we sell bonds, cut costs or raise taxes. And our taxes are pretty fucking high already.
If you’re a smaller nation with its own currency, i.e not the US or China and not part of the EU bloc, printing more currency just means it’s worth less in other currencies and since you have to buy things (such as, again, vaccines and medicine) from other countries, you end up losing in purchasing power and you’ll still have to decide what to buy and what not to buy. This is the “MMT in practice” section in your article where it mentions high inflation for pretty much all the countries that tried it, which are basically all latam countries. For SOME reason, no developed countries outside of the US do this at any scale, perhaps because nobody else’s currency can take infinite printing without being devalued to fuck all.