Europe Dives Deeper Into the Debt Swamp

We are facing a slow, erosive process in which the EU is increasingly penetrating the capital markets, always with the guarantee of major economies and European taxpayers behind it. 

Thomas Kolbe | March 28, 2026

Given the precarious economic situation and their ever-rising national debts, the European Commission is pushing for a consolidation of debt issuance under Brussels’ control. The Taxpayers’ Association of Europe (TAE) is now warning against this increasing centralization of fiscal power.

In public debate, the introduction of joint European bonds, Eurobonds, has so far often been dismissed as a fantasy. That the Taxpayers’ Association has now issued a clear warning against joint debt issuance should give critics of the commission pause. Are the plans for standardized EU bond issuances possibly more advanced than we have realized?

The TAE is the umbrella organization of national European taxpayers’ associations, a private law foundation, independent, market-liberal, and a critical observer of the fiscal power plays of the Brussels central authority. When it speaks out decisively on fiscal issues, it does so for a reason.

The seemingly advanced plans of the EU Commission have apparently convinced the TAE to dedicate a campaign to the issue of European financing. Under the program title "Stop EU Taxes. Stop EU Debt," it presents a fiscal policy agenda that would be welcome in party politics among economically liberal parties.

The TAE fundamentally warns against the European Commission’s lack of democratic mandate and sees the danger of Brussels’ powerful central body arrogating ever more tax powers to itself, thus, one could paraphrase, growing into a kind of state above the states. From this, the advocates........

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