alt Hacker NewsThe EU in its current form is mostly about markets. It routinely pushes for the sacrifice of government monopolies to the altar of the free market (see for a recent example the french train network). Most of its regulations are to ensure a level field for a balanced market.
Hell it pushes for free markets even when it makes very little sense (the eu electricity market and its weird idiosyncrasies are an artifact of that)
It basically bans member governments from printing money and imposes very strict limits of 3% GDP on government deficits. For reference the US deficit was 5.9% gdp this year, Almost twice as much. this greatly limits government control over the economy.
> imposes very strict limits of 3% GDP on government deficits.
You might want to check that information. This very strict limit is only enforced on selective EU countries like Greece for example.
France has had routinely yearly deficits above 3% in the last 10 years and has never been worried one bit about it.
For the record the French deficit was around 5.4% this year and it is set to increase again next year as the parliament is completely blocked and a budget compromise cannot be reached.
Even the so called debt ceiling defined in the pact of stability is mostly ignored. Italy and France are both well above the 100% debt to GDP ratio when the treaty says that every country within the EU should be at or below 60%.
> It basically bans member governments from printing money
It only bans the ones that have adopted the Euro. The countries that have declined to adopt the euro are free to do as they please more or less.
The euro countries though may not be able to print money, but they just get the ECB to do it for them via quantitative easing which has been used since 2008 and only recently stopped when the interests rates started climbing after the pandemic.