vives10_JAMES ARTHUR GEKIEREBELGA MAGAFP via Getty Images_lagardemichelvonderleyen James Arthur/Gekierebelga Mag/AFP via Getty Images

Europe’s New Defining Moment

The COVID-19 pandemic represents a major opportunity for the European Union and the eurozone to act decisively on a common problem, thereby strengthening the bloc's solidarity and integration. So far, however, European leaders have failed to seize it.

BARCELONA – The European Union and the eurozone are approaching their second defining moment in a decade. The first was the debt crisis that started in 2010 and was quelled by European Central Bank President Mario Draghi’s July 2012 pledge that the ECB was ready to do “whatever it takes” to preserve the euro. The ECB backed up Draghi’s declaration by introducing the outright monetary transactions (OMT) scheme, an emergency sovereign-bond-purchasing program that fortunately never had to be used.