The Habsburg Moment

A worker adjusts European Union and U.S. flags at EU Commission headquarters in Brussels in 2013. (Francois Lenoir/Reuters)
While the European Union may be on the verge of its ‘Hamilton moment,’ the United States flirts with decline.

NRPLUS MEMBER ARTICLE T he European Union is — maybe — on the verge of its much-discussed “Hamilton moment.”

A sweeping Franco-German proposal for a $2 trillion EU coronavirus-recovery program would see the European Union itself raising funds in the credit markets for the first time, essentially making the European Union a new issuer of sovereign debt. Such mutual debt had long been opposed by Germany and other wealthy EU members that dread the possibility of the federation being made into a transfer union in which the affluent north pays the taxes and the frequently delinquent south deposits the checks.

But with Germany beginning its presidency

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