Whatever the cost.
This expression, uttered by Emmanuel Macron in mid-March 2020, has set the pace for the account of the measures taken to fight the pandemic and its consequences.
In France and elsewhere, this refrain expresses the urgent need to do everything possible to keep our economies afloat, and to avoid the disintegration of the productive apparatus and of society.
But as the crisis wears on, we are slowly losing sight of the reality before, when money had a price and spending mattered.
From the extreme constraint created by the epidemic seems to be born an ultimate freedom: to rewrite the rules.
Welcome to the people of economic policy.
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We can thus classify in the category of exercise of style the proposal formulated in a recent forum by a hundred economists in favor of the cancellation of the public debt contracted during the Covid crisis and included in the balance sheets of central banks. of the Eurosystem.
The idea is intellectually stimulating,
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