As a way to explain how it (does not) functions, the ESM uses a set of gears that actually cannot turn. A good metaphor for this intricate mechanism that, in practice, has proven to toxic to use by European governments?
RT @JohnHCochrane: The Grumpy Economist: Economics Art https://johnhcochrane.blogspot.com/2022/10/economics-art.html?spref=tw

🐦🔗: https://nitter.eu/lugaricano/status/1586150276372738049