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After its COVID-19 emergency, Europe should issue joint recovery bonds

After its COVID-19 emergency, Europe should issue joint recovery bonds

As exceptional as efforts by the European Central Bank (ECB) and European states have been at the onset of the COVID-19 pandemic, it is not too soon to think beyond the crisis. The ECB has waived its self-imposed restriction on the amount of bonds it can buy from each member state in its Pandemic Emergency Purchase Program (PEPP), signaling that it has the eurozone's back for the duration of the emergency. European leaders must now ensure that the same solidarity is adopted for the long-term economic recovery. Europe's symmetric crisis must not turn into an(other) asymmetric recovery.