Europe won’t recover from the coronavirus or other ailments as long as Germany stands in the way

In troubled times, it is always encouraging to see governments take constructive action towards positive change. The European Union certainly did the markets a favour last week by laying out a plan for a €500 billion (US$545 billion) pandemic recovery fund to be financed by the introduction of common euro-zone bonds.While Europe’s political leaders may believe that this is a critical step in the right direction, it’s far from enough. It is, in fact, just a drop in the ocean considering that US…

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