Independent Strategy

EU – deal done

The long-awaited approval of the European Union Recovery Fund marks another seminal step towards closer European integration. Like all of these moments, the birth looks painful, the agreement contains compromises and the end result if often underappreciated. But this marks a positive step, not just in terms of tackling the Covid-19 pandemic but also towards closer financial integration. Of course, the structural flaws in the euro have not gone away. But this step forward in terms of fiscal mutualisation leaves the EU in a better place to weather future storms. We remain long euro versus the US dollar.

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