Because for the first time in decades all European Union member states are simultaneously embarking on massive public spending programmes to protect their economies. For those in the euro zone, this is coupled with a looser than loose monetary policy that highlights the scale of the problems ahead. It is the ECB that’s trying to hold the euro zone together. The EU won’t survive this crisis intact without political leadership at a European levelThe EU and the euro zone, much like the coronavirus, must simply adapt or die. This would dramatically increase the likely fragmentation of the euro zone and the weakening of the EU at every strategic level.

Source: The Irish Times March 23, 2020 02:16 UTC