Quoting confidential sources, Bloomberg reports that the next Versailles summit agenda on March 10-11 will include a “large scale” EU bond issue to finance energy and military expenses. Experts are at work to define the volume and the structure of the operation.
Like the first bond issue, called “Next Generation EU,” these bonds sold on the market will be bought back from the banks by the ECB. Rearmament and unproductive investments funded through debt purchased by the central bank: Schachtian Economics 2.0.
In a related development, Italian “Ecological Transition” Minister Roberto Cingolani announced a plan to be independent from Russian energy in 30 months. Italy imports about 29 billion cubic meters of natural gas from Russia. To replace it entirely from other producers won’t be easy – unless a reduction of consumption is planned.
