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The ECB headquarters skyscraper seen from behind Frankfurt’s Iron Bridge

Relevance beyond the crisis: Strategies for the euro

Pumping still more liquidity into Europe’s pandemic-frozen economy hardly addresses underlying problems, but this happens to be the most politically palatable strategy that Brussels could pursue. How EU leaders go about financing the massive new outlays, however, is a tricky question. The most likely borrowing scheme will have long-term consequences for the Union.

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