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Europe Steps Up

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Add to Bookmarks In July 2012, then-European Central Bank President Mario Draghi helped to prevent the eurozone from collapsing by vowing that the ECB would do “whatever it takes” to save the beleaguered single currency. Eight years on, will European leaders’ agreement on a new COVID-19 rescue fund, Next Generation EU, turn out to be equally consequential? In this Big Picture, Yale University’s Stephen S. Roach argues that the EU’s approval of the joint recovery package is a pivotal moment in solidifying the bloc and will likely accelerate the euro’s rise and intensify downward pressure on an overvalued US

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In July 2012, then-European Central Bank President Mario Draghi helped to prevent the eurozone from collapsing by vowing that the ECB would do “whatever it takes” to save the beleaguered single currency. Eight years on, will European leaders’ agreement on a new COVID-19 rescue fund, Next Generation EU, turn out to be equally consequential?

In this Big Picture, Yale University’s Stephen S. Roach argues that the EU’s approval of the joint recovery package is a pivotal moment in solidifying the bloc and will likely accelerate the euro’s rise and intensify downward pressure on an overvalued US dollar. But Philippe Legrain of the Open Political Economy Network says that while the deal shows, crucially, that the EU is capable of coming to Europeans’ aid in a crisis, it does not resolve the eurozone’s fundamental problems. In particular, as...

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