European federalists have more reason than frugal northerners to be pleased

The bloc has crossed the Rubicon of debt-financed deficit spending at union level. 

 The frugals have not stopped the move towards more common fiscal policy. Their victory is mostly Pyrrhic.

 As the frugals knew and feared, what can be done once can be done again. 

 Martin Sandbu FT 22 July 2020



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