David McWilliams: We must loosen up on financing pandemic spending now

If the EU, ECB and all governments meet this economic crisis head on, Europe has a chance

The sun sets behind European Central Bank  in Frankfurt, Germany. Once the ECB backstops  coronabonds, private investors will hold them, knowing the ECB will buy them in unlimited quantities if the investor wants to sell. Photograph: Daniel Roland/AFP via Getty

The sun sets behind European Central Bank in Frankfurt, Germany. Once the ECB backstops coronabonds, private investors will hold them, knowing the ECB will buy them in unlimited quantities if the investor wants to sell. Photograph: Daniel Roland/AFP via Getty

What is the global economy going to look like when this ends? Will the recovery be sharp and impressive as people come out of hibernation with a thirst to go back to normal, heading out, socialising and making up for lost time?

Or will we be traumatised by the great shutdown, afraid to mingle, worried about our financial precariousness and how close we were to running out of money? Will an appreciation of our own economic fragility change us profoundly?

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