what has the ECB done during this time? And how does this fit into the larger challenges that Europe is facing in order to try and make what is basically a Confederacy work like something close to the United States for the purposes of stimulus for peripheral countries in particular, like Greece, for example, that are very difficult situations, given COVID-19, given their shutdowns, and given the fact that they're, let's say, a tourist economy, largely. Well, the fundamental problem hanging out of the European Union is that you have a common monetary policy, a common currency, and you have financial markets that are integrated to a degree. You don't really have a common European capital market as such. But of course, you don't have a common fiscal policy. And so the big test for the European Union right now is whether out of this, you will start to see the beginnings of a common fiscal policy, because you've already had parts of the European leadership called for common coronabonds, (38/43)
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