This contribution by the President of France is what Europe needs. Finally a leader who does not say that Europe is responsible for what goes wrong and that national politics can take credit for every success. On this basis we should now start a debate on the detailed proposals. The main danger will be to avoid the slippery slope from a 'Europe that protects' to a European protectionism. The European economy will be stronger if its subject to vigorous global competition, even if that competition might at times appear unfair to some.
Even in a crisis as grave as the COVID-19 pandemic, money is not a panacea, and borrowing makes sense only if it is carried out prudently and reasonably. Otherwise, states will jeopardize their long-term financial flexibility, price stability, and competitiveness.
worries that monetization of pandemic-related government borrowing will boost inflation and erode competitiveness.