EU’s Covid-19 recovery deal is a cause for celebration, but check the fine print

It’s good politics not to waste a good crisis.When it comes to the 27 members of the European Union, in particular the 19-strong euro zone, rising to the occasion has been a Herculean challenge due to deep-seated differences between the member states, with the more creditworthy northern European countries reluctant to subsidise the heavily indebted southern Europeans.This makes Tuesday’s agreement in Brussels on a €750 billion (US$870 billion) stimulus package to counter the damage wrought by…

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