The advocates of the Merkel-Macron coronavirus relief deal point to the benefits of making all European Union states contribute and helping quell the rebellion in the south of Europe. German industry is also rubbing its hands with glee at a more money the funds would bring for southern markets where these German industrialists are important players.
The pandemic has led to a return of Keynesianism in economic policy.
This does not mean a return to the past but rather the application of old remedies in a new way. The advocates of fiscal discipline and the free market are, for the time being, in retreat.
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