Aidan Regan: Time to stop listening to Europe’s high priests of fiscal rectitude

Europe is already a continent of unequal economies, and with the financial burden of Covid-19 now looming, it’s long past time to ditch the tired old myth of financial saints and sinners

26th April, 2020
Aidan Regan: Time to stop listening to Europe’s high priests of fiscal rectitude
Even before Covid-19, the eurozone had been growing further apart. Now Europe needs to share the cost of investing in the recovery. Picture: Getty

The core problem of the eurozone is a structural polarisation between extremely unequal economies. Since the great financial crisis and the subsequent decade of austerity, the eurozone has been growing further apart, not closer together.

The cost of paying for the Covid-19 crisis will exacerbate this divergence. This is why Europe needs to share the cost of investing in the euro recovery. The biggest obstacle to this shared approach is framing the structural difference between...

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