The leaders of the European Union have a well-deserved reputation of taking tough but essential decisions only during times of crisis, and they have lived up to it yet again.
On July 21, after months of rancorous haggling, they agreed to launch what is effectively a eurobond - that is, a bond that would be issued by the EU itself, rather than by its individual member governments. Up till then, the EU didn't believe in taking collective responsibility for the debt burdens of its individual members - every country was responsible for its own debts. But that has changed - at least partially and temporarily.
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