Europe’s Moment of Truth

Czech Prime Minister Andrej Babis attends a European Union leaders video conference to discuss the economic response to the coronavirus, in Prague, Czech Republic, April 23, 2020. (Office of the Government of the Czech Republic/Handout via Reuters)
The COVID-19 crisis has pushed the euro zone to its breaking point.

NRPLUS MEMBER ARTICLE O n April 16, responding to the COVID-19 crisis, French president Emmanuel Macron said Europe had arrived at its “moment of truth.” Economics is a “moral science,” he insisted. The euro zone’s financially stronger nations, therefore, have an obligation to look after their weakest partners by establishing a fund that “could issue common debt backed by a common guarantee.” It was the expected high-minded call for a technocratic solution, and it dodged the fundamental underlying political question. In a euro zone still based on nation-states, the strong, broadly speaking, ‘northern’ members have always asked why they should aid their weaker southern

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