E.U. proposes $825 billion coronavirus rescue plan. Some are calling it Europe’s ‘Hamiltonian moment.’
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European Union leaders on Wednesday proposed an $825 billion coronavirus rescue plan that would give Brussels major new tax and spending powers of the sort held by a federal state.
Proponents are calling it Europe’s “Hamiltonian moment,” after the 1790 agreement, engineered by Treasury Secretary Alexander Hamilton, that transformed the United States from a loose confederation of former colonies to a true federation with a central government.
If approved, the E.U. plan could bind the bloc together at a moment when it seemed at risk of spinning apart under the pressure of the pandemic. If the plan fails — either to win support or to deliver benefits — euroskeptic politicians could be emboldened, both in rich nations, such as Germany, and struggling ones, such as Italy.
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