He says: “Good old-fashioned ... inflation.”
Wolf openly recognises that inflation reduced debt/GDP dramatically after Covid. That is effectively an admission that nominal #debt ratios are #endogenous to the price level.

#Reuters is describing the widening #France – #Germany spread as if it were primarily a market verdict on French fiscal sustainability. I would say: the spread is #endogenous to the institutional architecture of the #EMU—and ultimately to what the #ECB is willing to do.

But that isn't how modern monetary economies work. A #bank can grant #MSFT a $20bn loan:
The deposit is created by the act of lending. There is no prior depositor whose $20bn has to be transferred to #Microsoft . That is the fundamental #endogenous -money point.