Europe Could Soon Have Fiscal Firepower of the U.S.

The EU is beginning to acquire economic institutions that may one day rival the U.S.’s in their flexibility and firepower

When it comes to managing the Covid-19 pandemic, Europe has left the U.S. in the dust. Current infection and death rates in the European Union have fallen from well above to a fraction of American levels, even in early hot spots like Italy and Spain.

But in managing the economic fallout, the U.S. is the exemplar. Its economy probably shrank 10% in the first half of the year, according to J.P. Morgan, about half as much as Spain, Italy and France and less even than Germany, which has been relatively unscathed by the virus.

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