Spanish Prime Minister Pedro Sanchez (left), French President Emmanuel Macron (centre) and German Chancellor Angela Merkel (right) huddle during their EU summit in Brussels on July 20. Photo: AFP Spanish Prime Minister Pedro Sanchez (left), French President Emmanuel Macron (centre) and German Chancellor Angela Merkel (right) huddle during their EU summit in Brussels on July 20. Photo: AFP
Spanish Prime Minister Pedro Sanchez (left), French President Emmanuel Macron (centre) and German Chancellor Angela Merkel (right) huddle during their EU summit in Brussels on July 20. Photo: AFP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

EU’s Covid-19 recovery deal is a cause for celebration, but check the fine print

  • Market enthusiasm over the stimulus plan comes at a time economies in Europe seem to be reopening more successfully than the US
  • But the EU’s recovery fund, while a step towards fiscal integration, raises more questions than it answers

Spanish Prime Minister Pedro Sanchez (left), French President Emmanuel Macron (centre) and German Chancellor Angela Merkel (right) huddle during their EU summit in Brussels on July 20. Photo: AFP Spanish Prime Minister Pedro Sanchez (left), French President Emmanuel Macron (centre) and German Chancellor Angela Merkel (right) huddle during their EU summit in Brussels on July 20. Photo: AFP
Spanish Prime Minister Pedro Sanchez (left), French President Emmanuel Macron (centre) and German Chancellor Angela Merkel (right) huddle during their EU summit in Brussels on July 20. Photo: AFP
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.