The publication of the EC’s blueprint for joint borrowing has been hailed by some as a “Hamilton moment”, referring to the 1790 decision by the first US Treasury Secretary to take on the debt of the thirteen colonies. But while it is a big step forward in principle, it is a long way from being a panacea for the euro-zone’s debt problems. So the ECB will have to shoulder most of the burden for now, and we expect it to expand its asset purchase programme significantly next week.
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