French Presidential Candidate Proposes Debt Cancellation

Jean-Luc Mélenchon, a left-wing populist and candidate for the French presidency, has proposed cancelling government debt held by the European Central Bank (ECB). He argues that since the ECB is part of the Euro system, the debt can be considered internal and thus cancelled. This proposal has sparked debate among economists and gained traction with the French public, with a majority supporting the idea according to a survey. However, it has faced criticism from figures such as the President of the Bundesbank, Joachim Nagel, who warns against debt relief.