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Perpetual Bonds Could Save the European Union

By issuing perpetual bonds – or "Consols," as they have been called historically – the EU can address both the pandemic and climate change. Such bonds represent a credible alternative to raising the EU budget and would provide relief funds that could be targeted at member states hardest hit by the public-health crisis.

By embracing perpetual bonds – or Consols, as they are known in the United Kingdom and the United States – George Soros believes the EU can address the dual crises of COVID-19 and climate change currently threatening the world. In this Q & A, he argues that Consols present a preferable alternative to raising the EU budget. The European Commission should accept them as an interesting idea that deserves further consideration.