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The coronavirus has exposed the European Union's (EU's) fault lines. For now, European Central Bank ((ECB)) bond purchases should hold things together. But ultimately, national governments will need to make some tough decisions to secure the EU's future.
The EU's internal inconsistencies are often masked when the economic and political backdrop is benign, only to be exposed again as the outlook darkens. The last major example of this was the sovereign-debt crisis almost a decade ago. Now, as we enter a new decade, the coronavirus (officially COVID19) has prompted another potential existential