ghosh31_HENDRIK SCHMIDTPOOLAFP via Getty Images_covid vaccine eu Hendrik Schmidt/Pool/AFP via Getty Images

Europe’s Ambitious Parochialism

The idea that the European Union can save itself and emerge from the COVID-19 crisis while the rest of the world flounders will quickly be proved wrong. Even for wealthy regions like Europe, any plausible vision of a sustainable post-pandemic future necessarily requires international solidarity.

NEW DELHI – The European Union has changed its economic policy for the better by agreeing on a €1.8 trillion ($2.2 trillion) post-pandemic stimulus plan to be financed directly through the EU budget. In particular, more than half of the package – which comprises the EU’s long-term budget and the €750 billion Next Generation EU recovery fund – is earmarked for forward-looking public spending.