Optionality
constrained — euro membership removes independent monetary policy (no devalue/print; ECB-bound), 116%-of-GDP debt and the EU excessive-deficit procedure bind fiscal room, and domestic politics block consolidation. Least free of the Western majors.
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- Wikipedia — govt debt list + analytical (eurozone membership) euro member (no own currency) + gross debt 116.0% of GDP + EU excessive-deficit procedure
the working
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