Originally published by National Review
As the coronavirus crisis subsides in Europe, another crisis may rear its ugly head again: the crisis surrounding the EU’s common currency, the euro. The euro crisis, which came to a head when Greece nearly defaulted in 2009-10, never really went away, and it could have profound consequences for the United States.
No eurozone government has openly declared insolvency during the coronavirus pandemic, but the European Central Bank has undertaken massive financial injections to avoid just that.
On top of this money printing, European governments have been spending like drunken sailors. Germany alone has committed €1.2 trillion in spending and guarantees, more than any other individual EU country. There is a real danger that German support for domestic firms undermines fair competition in the European Union, which its executive, the European Commission, is supposed to guarantee, although in this case it has remained silent.
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