Solidarity with the Germans
No sooner had the European Union's pandemic recovery fund, dubbed Next Generation EU, been approved than it was hailed as Europe’s first move toward fiscal union. If anything, the way debt mutualization was snuck into the financing of the scheme will probably turn out to have been a mortal blow to a proper fiscal union.
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ATHENS – During the worst clashes between the Greek and German governments amid the euro crisis, a German official attempted to dissuade me from insisting on debt relief for Greece with the argument that Germany may be rich, but a majority of its people are poor. On this last point, he was right.