COVID-19 Is an Opportunity for Europe
The European Union has always advanced on the back of crises. In this sense, the COVID-19 outbreak could represent a chance for the EU to create a powerful crisis-management mechanism, which pools members’ resources and channels them toward a coordinated fiscal policy.
LONDON – For years, fears have been mounting that a “black swan” would test the European Union’s crisis-management capabilities. With the outbreak of the COVID-19 coronavirus, those fears have come to pass – and it is not at all clear that the EU will be able to withstand it.