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| As Europe Confronts the Coronavirus, What Shape Will Solidarity Take? | As Europe Confronts the Coronavirus, What Shape Will Solidarity Take? |
| (3 days later) | |
| BRUSSELS — As a poorer, battered south asks a richer, frugal north for solidarity, you’d be forgiven for thinking the coronavirus is throwing Europe back into last decade’s economic catastrophe. You’d be wrong. This time is set to be far worse. | BRUSSELS — As a poorer, battered south asks a richer, frugal north for solidarity, you’d be forgiven for thinking the coronavirus is throwing Europe back into last decade’s economic catastrophe. You’d be wrong. This time is set to be far worse. |
| The pandemic and the havoc the coronavirus is wreaking on European economies has echoes of the eurozone debt crisis, but this calamity is hitting everyone, not just smaller wayward nations, and it goes well beyond the economy. It presents a watershed moment for the future shape of the European project. | The pandemic and the havoc the coronavirus is wreaking on European economies has echoes of the eurozone debt crisis, but this calamity is hitting everyone, not just smaller wayward nations, and it goes well beyond the economy. It presents a watershed moment for the future shape of the European project. |
| A growing number of officials and analysts believe the European Union needs an enormous financial response on a scale commensurate with the calamity. Short of that, they warn, the bloc risks inviting an even larger disaster, as well as losing legitimacy. | A growing number of officials and analysts believe the European Union needs an enormous financial response on a scale commensurate with the calamity. Short of that, they warn, the bloc risks inviting an even larger disaster, as well as losing legitimacy. |
| “There are obvious links to the lack of solidarity with the eurozone crisis era of austerity and the handling of the migration crisis,” said Janis Emmanouilidis, a senior analyst at the Brussels-based think tank European Policy Center. “People now are also asking, ‘What do we have the European Union for?’” | “There are obvious links to the lack of solidarity with the eurozone crisis era of austerity and the handling of the migration crisis,” said Janis Emmanouilidis, a senior analyst at the Brussels-based think tank European Policy Center. “People now are also asking, ‘What do we have the European Union for?’” |
| The very scale of the looming depression is focusing the minds of European leaders, and the fact that this crisis, unlike last time, does not come from some perceived profligacy may ultimately knock down the reluctance to putting up aid. The question is what shape that solidarity will take. | The very scale of the looming depression is focusing the minds of European leaders, and the fact that this crisis, unlike last time, does not come from some perceived profligacy may ultimately knock down the reluctance to putting up aid. The question is what shape that solidarity will take. |
| European finance ministers failed to reach an agreement over a list of measures in a marathon meeting that started on Tuesday and broke up Wednesday morning. They will reconvene on Thursday to try to hammer out a consensus on how to stave off the worst of the looming economic maelstrom. | European finance ministers failed to reach an agreement over a list of measures in a marathon meeting that started on Tuesday and broke up Wednesday morning. They will reconvene on Thursday to try to hammer out a consensus on how to stave off the worst of the looming economic maelstrom. |
| European officials said that there was broad agreement on some measures, for example a loan program valued at 100 billion euros, or $109 billion, that will help member states fund temporary unemployment benefits. | European officials said that there was broad agreement on some measures, for example a loan program valued at 100 billion euros, or $109 billion, that will help member states fund temporary unemployment benefits. |
| But despite debating for 16 hours, the ministers were unable to reach a consensus on how to use the euro area bailout fund, created to tackle last decade’s crisis, to distribute loans without the brutal austerity restrictions Greece had to face. The European Investment Bank, it seems likely, will provide billions in support of small businesses. | But despite debating for 16 hours, the ministers were unable to reach a consensus on how to use the euro area bailout fund, created to tackle last decade’s crisis, to distribute loans without the brutal austerity restrictions Greece had to face. The European Investment Bank, it seems likely, will provide billions in support of small businesses. |
| Once the finance ministers reach an agreement, their bosses, the leaders of the European Union countries, will meet via teleconference to finalize the measures, which in total could amount to hundreds of billions of euros. | Once the finance ministers reach an agreement, their bosses, the leaders of the European Union countries, will meet via teleconference to finalize the measures, which in total could amount to hundreds of billions of euros. |
| But as sweeping as those measures may be, they will disappoint some members. | But as sweeping as those measures may be, they will disappoint some members. |
| At least nine of the 19 leaders of the countries in the common-currency bloc, and some leading policymakers in Brussels, believe the euro area needs to issue joint bonds, commonly referred to as “Eurobonds” or in the context of the current crisis, “corona-bonds.” | At least nine of the 19 leaders of the countries in the common-currency bloc, and some leading policymakers in Brussels, believe the euro area needs to issue joint bonds, commonly referred to as “Eurobonds” or in the context of the current crisis, “corona-bonds.” |
| In the acrimonious overnight meeting, finance ministers from those countries demanded at the very least a reference to this approach in any final report, but it proved impossible to get an agreement. | In the acrimonious overnight meeting, finance ministers from those countries demanded at the very least a reference to this approach in any final report, but it proved impossible to get an agreement. |
| Collective debt would be a first for the bloc, and has been fiercely opposed by wealthier states like Germany and the Netherlands. They argue that, by treaty, every member nation of the European Union is responsible for its own finances. Floating these bonds would also be legally difficult and time-consuming, opponents say. | Collective debt would be a first for the bloc, and has been fiercely opposed by wealthier states like Germany and the Netherlands. They argue that, by treaty, every member nation of the European Union is responsible for its own finances. Floating these bonds would also be legally difficult and time-consuming, opponents say. |
| “Each member state has launched its own interventions, and if we aggregate those, we’re talking about rather big figures,” said Paolo Gentiloni, the European commissioner for the economy and a former Italian prime minister, who supports the idea of joint bonds. “But we are a union, 19 member states who have a common currency.” | “Each member state has launched its own interventions, and if we aggregate those, we’re talking about rather big figures,” said Paolo Gentiloni, the European commissioner for the economy and a former Italian prime minister, who supports the idea of joint bonds. “But we are a union, 19 member states who have a common currency.” |
| “It is crucial to have a common fund to face the crisis, and help the recovery,” he added. “How can you have a common fund? Only by issuing bonds, obviously.” | “It is crucial to have a common fund to face the crisis, and help the recovery,” he added. “How can you have a common fund? Only by issuing bonds, obviously.” |
| Key to this is a question that has been nagging for nearly two decades: How can 19 of the now 27 European Union countries share a currency, the euro, and not use some, even limited, common debt to weather crises? | Key to this is a question that has been nagging for nearly two decades: How can 19 of the now 27 European Union countries share a currency, the euro, and not use some, even limited, common debt to weather crises? |
| And the coronavirus counts as a crisis by any measure. The currency union’s third- and fourth-largest economies, Italy and Spain, seem set to shrink by more than 10 percent, while the largest, Germany, could also shrink by 10 percent, unleashing a domino effect. By comparison, the euro area shrank by 4.5 percent in the post-financial crisis recession in 2009. | And the coronavirus counts as a crisis by any measure. The currency union’s third- and fourth-largest economies, Italy and Spain, seem set to shrink by more than 10 percent, while the largest, Germany, could also shrink by 10 percent, unleashing a domino effect. By comparison, the euro area shrank by 4.5 percent in the post-financial crisis recession in 2009. |
| The stimulus that will be needed because of the damage caused by the epidemic is being estimated at more than €2 trillion, or $2.18 trillion. At stake won’t be just the survival and recovery of each individual economy, but potentially the survival of the euro. | The stimulus that will be needed because of the damage caused by the epidemic is being estimated at more than €2 trillion, or $2.18 trillion. At stake won’t be just the survival and recovery of each individual economy, but potentially the survival of the euro. |
| “Eurobonds are the solution, a serious and efficient response, adapted to the emergency we are living,” said Prime Minister Giuseppe Conte of Italy in an impassioned address to the nation on Monday. | “Eurobonds are the solution, a serious and efficient response, adapted to the emergency we are living,” said Prime Minister Giuseppe Conte of Italy in an impassioned address to the nation on Monday. |
| Prime Minister Pedro Sánchez of Spain, where the death toll has approached 14,000, has called for a new Marshall Aid plan for the reconstruction of Europe. | Prime Minister Pedro Sánchez of Spain, where the death toll has approached 14,000, has called for a new Marshall Aid plan for the reconstruction of Europe. |
| “Without solidarity there can be no cohesion, without cohesion there will be disaffection and the credibility of the European project will be severely damaged,” he warned. | “Without solidarity there can be no cohesion, without cohesion there will be disaffection and the credibility of the European project will be severely damaged,” he warned. |
| Europe’s de facto top leader, Chancellor Angela Merkel of Germany, this week called the coronavirus outbreak and its aftermath the “greatest test for the European Union since its inception.” | Europe’s de facto top leader, Chancellor Angela Merkel of Germany, this week called the coronavirus outbreak and its aftermath the “greatest test for the European Union since its inception.” |
| “Germany will only do well in the long run if Europe is doing well,” Ms. Merkel told reporters at a news conference. The answer to current events, she said, was “more Europe, a stronger Europe — and a well-functioning Europe in all its parts, meaning in all its member states.” | “Germany will only do well in the long run if Europe is doing well,” Ms. Merkel told reporters at a news conference. The answer to current events, she said, was “more Europe, a stronger Europe — and a well-functioning Europe in all its parts, meaning in all its member states.” |
| But Ms. Merkel stopped short of backing joint debt. | But Ms. Merkel stopped short of backing joint debt. |
| For Ms. Merkel, loans with few strings attached and German subsidies for unemployment benefits elsewhere in Europe were already quite brave measures, and as far as she was prepared to go. | For Ms. Merkel, loans with few strings attached and German subsidies for unemployment benefits elsewhere in Europe were already quite brave measures, and as far as she was prepared to go. |
| She and other northern European leaders have signed off on waiving rules that normally punish European countries for running high deficits. | She and other northern European leaders have signed off on waiving rules that normally punish European countries for running high deficits. |
| They have also implicitly backed a decision by the European Central Bank to launch a new bond-buying program that will see it swoop up the debt of eurozone countries, buying time for leaders to work out their next moves. | They have also implicitly backed a decision by the European Central Bank to launch a new bond-buying program that will see it swoop up the debt of eurozone countries, buying time for leaders to work out their next moves. |
| Joint debt has been a foundational step in the creation of federal states, most notably of the United States in the late 18th century, | Joint debt has been a foundational step in the creation of federal states, most notably of the United States in the late 18th century, |
| Updated June 12, 2020 | |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. | Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. |
| Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. | Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home. |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. | Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. |
| The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. | The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. |
| In Europe in the age of coronavirus, it has been elevated to an existential question for the future of the bloc. | In Europe in the age of coronavirus, it has been elevated to an existential question for the future of the bloc. |
| “Why? Because these bonds imply a clear and explicit sharing of the cost incurred to fight the Covid-19 crisis, as a symbol of European solidarity,” says Silvia Merler, head of research at the Algebris Policy Forum, the research branch of an investment fund based in Milan. | “Why? Because these bonds imply a clear and explicit sharing of the cost incurred to fight the Covid-19 crisis, as a symbol of European solidarity,” says Silvia Merler, head of research at the Algebris Policy Forum, the research branch of an investment fund based in Milan. |
| “But they are by no means the only tools on the table,” she added. | “But they are by no means the only tools on the table,” she added. |
| One key obstacle to joint debt is the scar tissue from the eurozone debt crisis of last decade, in which the bloc paid hundreds of billion of euros to Greece and another four countries, demanding in exchange some of the harshest austerity measures in modern history, to ensure no nation sought such bailouts opportunistically in future. | One key obstacle to joint debt is the scar tissue from the eurozone debt crisis of last decade, in which the bloc paid hundreds of billion of euros to Greece and another four countries, demanding in exchange some of the harshest austerity measures in modern history, to ensure no nation sought such bailouts opportunistically in future. |
| The wounds of that crisis are still deep, as is the feeling in Italy and Greece that the European Union was also not there to help much with the migration crisis that peaked in 2015-2016. | The wounds of that crisis are still deep, as is the feeling in Italy and Greece that the European Union was also not there to help much with the migration crisis that peaked in 2015-2016. |
| Mr. Gentiloni and others are keen to stress that, despite a fleeting resemblance, this time is different. | Mr. Gentiloni and others are keen to stress that, despite a fleeting resemblance, this time is different. |
| “I think it is a completely different crisis,” Mr. Gentiloni said. “In itself this crisis is an equalizer, it is affecting — at different speed and intensity — more or less all of Europe, all countries, it is not concentrated like the financial and migration crises were.” | “I think it is a completely different crisis,” Mr. Gentiloni said. “In itself this crisis is an equalizer, it is affecting — at different speed and intensity — more or less all of Europe, all countries, it is not concentrated like the financial and migration crises were.” |
| And the debate over how to respond is more mature too, experts noted, pointing to the fact that even conservative German economists were no longer talking about “solidarity” as if it meant “charity,” as they had in the past. | And the debate over how to respond is more mature too, experts noted, pointing to the fact that even conservative German economists were no longer talking about “solidarity” as if it meant “charity,” as they had in the past. |
| “When the Greek crisis started back at the end of 2009, the question of European solidarity was much more controversial,” Ms. Merler said. “Back then, policymakers could not even agree among themselves on whether it was legal for euro area countries to help financially a member in distress.” | “When the Greek crisis started back at the end of 2009, the question of European solidarity was much more controversial,” Ms. Merler said. “Back then, policymakers could not even agree among themselves on whether it was legal for euro area countries to help financially a member in distress.” |
| As the debate over assuming joint debt goes on, the European approach in the meantime to fighting the coronavirus will look similar to how Europe tends to respond to crises: a patchwork of imperfect measures. | As the debate over assuming joint debt goes on, the European approach in the meantime to fighting the coronavirus will look similar to how Europe tends to respond to crises: a patchwork of imperfect measures. |
| “They’ll build substandard instruments that are not good enough, but do the job at first, and they will keep kicking the can down the road,” said Shahin Vallée, a French economist who is a senior fellow at the German Council of Foreign Relations, and previously served as a senior adviser to the European Council during the eurozone crisis. | “They’ll build substandard instruments that are not good enough, but do the job at first, and they will keep kicking the can down the road,” said Shahin Vallée, a French economist who is a senior fellow at the German Council of Foreign Relations, and previously served as a senior adviser to the European Council during the eurozone crisis. |
| “It won’t be a make-or-break moment like some predict,” Mr. Vallée said. “Instead we’ll just continue to hobble along on our crutches.” | “It won’t be a make-or-break moment like some predict,” Mr. Vallée said. “Instead we’ll just continue to hobble along on our crutches.” |
| Katrin Bennhold contributed reporting from Berlin, Emma Bubola from Rome and Raphael Minder from Madrid. | Katrin Bennhold contributed reporting from Berlin, Emma Bubola from Rome and Raphael Minder from Madrid. |