Free immigration and the welfare state are incompatible. Asylum law and immigration policy must therefore be shaped in such a way that immigration into the welfare state falls dramatically.

We propose a monetary reform in the euro area by combining the introduction of the digital euro with the Chicago Plan of 1933.

Our simulations show that the money overhang has the potential to keep inflation at 6 per cent annually in the US and 4¾ per cent in the Eurozone until the middle of this decade.