In the euro area, the replacement of private credit and expenditure with state credit and expenditure resulted in a ballooning of fiscal deficits and debt ratios in a number of countries where debt to GDP ratios were already under pressure, particularly in southern Europe. Greece and Italy, for example, have debt to GDP ratios of 130 per cent and 118 per cent respectively.
But so far, emissions have been rising every year, once again to a record high in 2018. And there are serious financial consequences. In 2018 the world suffered $ billion in losses from extreme events related to climate change. Earlier this year, Lloyd's of London announced a $ billion loss, due to an increase in extreme-weather related insurance claims.