Pu­blic ins­ti­tu­tions of the Eu­ro area are not al­lo­wed to re­sort Cen­tral Bank loans

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Ar­ticle 123 of the Lis­bonn Trea­ty pro­hi­bits to Eu­ro­pean Cen­tral Bank and Cen­tral banks of Eu­ro mem­ber States to fund any pu­blic en­ti­ties. Town halls, go­ver­nings, pu­blic hos­pi­tals which ha­ven’t suf­fi­cient in­comes to fund their ex­pen­di­tures have re­course to pri­vate bank loans or fi­nan­cial mar­ket. And, with the ex­cep­tion of Ger­ma­ny, in­te­rest rates are high. In France, it is the se­cond main charge of its bud­get.

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