However they did so via a route which did not take sufficient account of the terrible suffering taking place in some countries. The ministers, after much discussion, also decided to make available funding from the European Stability Mechanism, the rescue fund set up after the financial crisis. So far, while the European Central Bank has moved with commendable speed, the political response to the crisis has been less impressive. Yes, there are questions about how mutual borrowing would work, particularly given the absence of a large centralised fiscal structure in Europe. But, politically, the spirit of the response so far falls short of what is needed at a time of such extraordinary pain and suffering.

Source: The Irish Times April 10, 2020 19:45 UTC