First, for the first time the EU can borrow to support spending, raising the universe of “collective” liabilities instead of running a balanced budget.
Third, loans at concessional rates (closer to France and Germany) have also been institutionalized.
Why not before? One crucial reason is Brexit. None of this week’s action in Brussels would have been possible with a Conservative Party round the negotiating table. Recall Osbourne’s
Short term, the actions by the EU on fiscal and ECB on monetary still contradict each other according to the purist reading by the German Constitutional Court on May 5th. Fiscal measures need