Wednesday August 5, 2020

ECB must fund states to keep all workers on the payroll

A eurozone-wide social insurance scheme is what’s needed to stave off social disaster as a result of Covid-19

22nd March, 2020
“The European Central Bank can always act as a lender of last resort to governments, businesses and households.” Picture: Bloomberg

The coronavirus crisis could be the moment that the eurozone matures beyond its technocratic obsession of following strict fiscal and monetary rules. The European Central Bank’s new €750 billion government bond-buying programme unveiled late on Wednesday night is a step in the right direction.

Crises are moments of opportunity, and this could be an opportunity for the euro area to complete the eurozone project. If it falls back into the tropes and nationalistic...

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