EU’s move on funding borrowing for Covid has worked for everyone

Comment: Traditionally frugal and fiscally suspicious states had to bite the bullet to achieve a very EU compromise

25th October, 2020
EU’s move on funding borrowing for Covid has worked for everyone
Angela Merkel, the German chancellor, led the compromise that allowed the European Commission to go directly to the markets for the first time to raise €750 billion for a Covid-19 package

In June, the EU moved to take decisive action to fund the borrowing needs of the union in light of Covid-19. The significance of the move may have been underplayed at the time, but it can no longer be denied.

It has turned around the fortunes of the eurozone and enabled Europe to respond decisively to the horrendous economic impact of the pandemic. When many of us called for a similar response during the last...

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