gros136_Thierry Monassepicture alliance via Getty Images_vonderleyencoronaviruseucommission Thierry Monasse/picture alliance via Getty Images

Europe’s New Deal Moment

US President Franklin D. Roosevelt’s 1930s reforms are now accepted as an essential part of America's “economic constitution.” The longer-term challenge for the European Union will be to implement its COVID-19 crisis measures in such a way that they, too, come to be seen as useful economic stabilization tools when more normal times return.

BRUSSELS – Many believe that the recent Franco-German proposal for a European recovery fund – to be financed by bonds issued by the European Union – could be the bloc’s “Hamiltonian moment.” The term refers to the 1790 agreement spearheaded by Alexander Hamilton, the United States’ first treasury secretary, whereby the US federal government assumed the debts incurred by the new country’s 13 states during the War of Independence.