Editorial: A €500bn recovery fund proposed by Angela Merkel and Emmanuel Macron, to be distributed to the worst-hit EU countries, could be a breakthrough moment
In 1790, following the American war of independence, Alexander Hamilton proposed that federal government should take on the huge debts incurred during the struggle by individual states. It had long been Hamilton’s view that this move would be a key moment in the forging of a true United States of America. “A national debt,” he had written, “if it is not excessive, will be to us a national blessing. It will be a powerful cement of our union.
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