The coronavirus eradicated decades of fiscal prudence and capital markets orthodoxy in a matter of days. In doing so, it has bound the financial industry to its sovereign governments and supranational entities more closely than ever before.
Perhaps nothing better exemplifies this new reality than the launch of the EU’s extraordinary new borrowing programme, due at the end of this month. More than €30 billion of new bonds will likely be issued before the end of 2020 – more than the EU has ever issued in any single year before.
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