Saving the Eurozone From the Virus

Eurozone finance ministers late Thursday saved the currency bloc from Covid-19—at least for now. They rolled out economic supports worth about €540 billion. More important, they didn’t create new “eurobonds” on the fly in a crisis without democratic support.

This is an unpopular view among liberal elites who are convinced the package is too modest to save the eurozone. Euro countries will tap the European Stability Mechanism (ESM), a lending fund created during the post-2010 debt crises, to offer €240 billion for health spending….

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