EU Orthodoxy at the Crossroads of COVID-19 – Bill Campbell – March 30, 2020
Posted: Monday, March 30, 2020

The COVID-19 pandemic is taking its toll on the global economy as countries shut down activity at a historic pace. The impact is hard to quantify a priori but will no doubt leave a large dent in its wake. Governments and central banks have moved quickly to provide fiscal and monetary stimulus to help offset a serious hit to global growth, but more fiscal help is needed. Heads of European governments had been discussing a joint European bond issuance, nicknamed “corona bonds.” Unfortunately, pushback to this joint fiscal action emerged March 26 at a virtual summit of elected leaders.1 Stalemate on this proposal risks destabilizing Europe’s most vulnerable countries and reigniting the Eurosceptic political movements.

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