Incredibly interesting post. However, if I may, I’d like to make a clarification. What you describe does not happen in all jurisdictions. For example, the Eurosystem has recently introduced a new monetary policy tool, the Transmission Protection Instrument (TPI), designed precisely to reduce the confusion between monetary and fiscal policy. The TPI is activated only in the event of a malfunction in the government bond market (fragmentation, but not only that), considered “unwarranted”, meaning not due to fiscal irresponsibility on the part of governments. Pure and wise monetary doctrine. I do agree with you that this is not the case everywhere.