Solidarity with the Germans (Project-Syndicate)

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.

Yanis Varoufakis, a former finance minister of Greece, is leader of the MeRA25 party and Professor of Economics at the University of Athens.

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