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[...] While other central banks are embedded in a state with coextensive jurisdiction and have to face a government and a public at the same territorial and political level, the currency and the common market the ECB runs are stateless (as is, essentially, the legal system governed by the ECJ). Thi…

Budget balancing, if achieved by spending cuts rather than tax increases, and even more so if accompanied by tax cuts, comes at the expense of discretionary as distinguished from mandatory spending. As public budgets approach a balance, a growing share of government expenditure goes to cover compar…