Europe¡¯s monetary and fiscal titans are finally moving in lockstep as a wave of German stimulus buttressing additional central bank easing heralds the prospect of a new era of policymaking in the region.
Those measures to aid the economic pickup from the coronavirus crisis, announced within half a day of each other in Berlin and Frankfurt, followed a groundbreaking shift toward creating a European recovery fund in Brussels supported by joint borrowing.
Each initiative is already substantial, but combined they¡¯re quite the show of force. They also suggest that Europe, which has long struggled to find common ground over economic policy, is more than ever exhibiting a sense of collective purpose.
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