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.