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Opinion: This isn't Europe's `Hamilton' moment -     Sony Kapoor
Put in the context of the time, the recovery fund looks even worse. The initiative can be seen as the German establishment's attempt to make up for the sins of its Constitutional Court, which threw a Molotov cocktail into the EU's legal and economic order in early May by challenging the actions of the European Central Bank and the Court of Justice of the European Union.

However the German court's decision finally plays out, its immediate impact is to put a de facto political constraint on the size and asymmetry of the ECB's quantitative easing programs, thereby limiting the ability of the most effective institution in the eurozone to respond to a crisis with appropriate size and timeliness. Italy and Spain would have been better off with an unconstrained ECB and no recovery fund.

by Bernard on Sat May 23rd, 2020 at 10:35:59 AM EST

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