
Europe’s Faustian Bargain
NEW YORK – The second wave of COVID-19 infections has struck Europe harder than many expected. The hope of a V-shaped recovery has been replaced by the fear of a double-dip recession, implying that there will be no quick return to normal European Union budget rules. More worryingly, Europe now finds itself forced into a tradeoff between two objectives, both of which are critical to its long-term viability as a supranational political and economic bloc. Now more than ever, the EU’s commitment to the rule of law appears to be on the chopping block.
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Paola SubacchiFollowing a decade of post-financial-crisis political turmoil and rising social discontent, four recent books consider what role economics should play in public-policy debates. Now that the world is facing another historic economic crisis, these authors' contributions could not be timelier.
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