I think EU nations should be able to take on debt if that debt is used for economic stimulus.
The state should be borrowing for stimulus and building infrastructure during economic downturns. It is cheaper to build during these times because of depressed labor markets and lower prices for equipment/goods.
The debt should then be paid back during expansion periods with excess revenue brought in through raised taxes (again, raised during expansion)
Yeah, that's classic Keynesian mythology, but it's not how things work in the real world.
