The EU Collective Debt Deal Is Historic, but at What Cost?

German Chancellor Angela Merkel and French President Emmanuel Macron walk to their press conference room at the end of an EU summit in Brussels, July 21, 2020 (AFP pool photo by John Thys via AP Images).
German Chancellor Angela Merkel and French President Emmanuel Macron walk to their press conference room at the end of an EU summit in Brussels, July 21, 2020 (AFP pool photo by John Thys via AP Images).
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If the European Union were a cartoon, it would resemble an episode of Wile E. Coyote and the Road Runner. The EU would be Wile E. Coyote, furiously paving a road with the help of some mail-order Rube Goldberg machine, patch by patch, just ahead of the car he is driving. The Road Runner would be the course of history speeding up alongside him, then zooming off into the distance. This half-finished structure constantly driven forward by the urgent necessity of events is no accident. It was one of the implicit assumptions of the EU’s early architects and builders, who […]

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