Europe's Comeback

Europe's Comeback

The powers that be within the European Union — German Chancellor Angela Merkel and Mr. Draghi — would be wise to grant Mr. Valls and Mr. Renzi the fiscal wiggle room they need. It’s one thing to borrow for current consumption, which is what France and Italy have done, in spades, until now. It’s quite another to borrow for purposes of enhancing an economy’s growth capacity. To the extent that France and Italy are at last genuinely and verifiably doing the latter — a big if, admittedly — they should get the support of their European partners. At a time when Mr. Putin is moving tanks on Ukraine’s borders and brandishing Europe’s gas supplies as a political weapon, Europe can ill afford any additional crises, economic or political. Indeed, if they needed any additional reasons to value unity and pragmatism in their mutual economic dealings, the Russian leader has supplied them.

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