For now, the attention of all European governments remains fixed on rolling out vaccine programmes to bring the coronavirus pandemic to an end. Yet even before the health crisis is truly over, leaders of the European Union will be compelled to divert their attention to a massive challenge: What should be done with the vast national debts now burdening all EU states.
Make no mistake about the gravity of the task which lies ahead. For what the EU needs to do is to rethink the entire premise of the financial arrangements which governed the affairs of the continent over the past two decades. And one single wrong move in this process will endanger the credibility and even the very survival of the euro as the EU’s single currency.
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