In other words, the ESM was a very important act of solidarity, a sign that the member countries stand with each other if needed. It’s reasonable and important to recognise that solidarity is there and it involves the willingness to bear that risk. The fact that the stronger countries stood behind the more vulnerable countries was an important and risky move.
Looking back on the year, with global consumer price inflation well above inflation targets and the subsequent response of sharp policy rate hikes by the Bank, we are well aware of the unignorable costs that the general public has been bearing throughout.