The EU’s legalistic spending machinery will limit any fiscal punch and slow the roll out of crisis measures.

There are still no eurobonds, no shared budget, and no mutualised pan-eurozone deposit insurance for banks, which leaves vulnerable Italy in the worst of all worlds: 

 deprived of sovereign economic instruments yet without EU fiscal support to compensate. 

 Ambrose Evans-Pritchard, Telegraph 11 March 2020

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