EU bailout shows the meaning of ‘union’: powerful members helping out the weak

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The £750bn package agreed in Brussels last week is an innovative way of sharing the pain of the pandemic

Back in May, critics of the EU gleefully pounced on news that the German constitutional court had ruled unlawful the European Central Bank’s plans to flood the financial system with cheap credit.

If the ECB was unable to expand its rescue mission for the eurozone, the euro itself was in danger and without the euro, the pillars of European political cooperation would collapse.

The ‘frugal four’ wealthy countries wanted a veto over the management of the debt, but have acceded to majority voting

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