The big news this morning is the EU reaching an agreement on its’ Euro 750 bln rescue fund and a total €1.1 trillion EU budget, after its longest ever, five-day, marathon negotiating session. Ode to Joy is blasting round the halls of Berlaymont, but it’s hardly the symbol of solidarity Macron, Merkel et al are claiming between the member states. Its pragmatism in action as the frugal four/five (depends if you count Finland) were bought into line with promises of rebates, Hungary got away with Orban’s war on democracy, while Poland wriggles out of carbon neutrality by 2050 and can keep burning coal.
It would be easy to pick holes across the whole conflabulated deal, but why snipe? We should celebrate Europe reaching agreement. The market loves it.