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FX weekly: An EU-wide solution to a EUR problem
The "Next Generation EU" will have a much deeper fiscal integration and a much larger extent of cross-border economic solidarity, at least if the current chief advocate of globalism, Emanuel Macron’s, wishes are fulfilled. Large €-grants are on the table, with Italy, Spain, France and Poland mostly on the receiving end of such, should the current European Commission proposal come into fruition. We probably don’t need to warn readers of this blog of the terrible incentive structures that follow grants, but now we have done so indirectly anyway. What will happen next time a country is in need of fiscal aid? ... (full story)