This is how it looked in the past when EU states agreed on fiscal rules: debt exploded. In this way, the states also fulfil the requirements of the fiat money system, which must be consistently inflationary in order to survive. So should this change in the future? The next step will be to integrate common debt pools and communitise debt. This will make it easier and quicker for states to inflate and the ECB will only need to buy up common eurobonds and monetise them.