Will COVID-19 kill the EU?

The EU is debating whether funding to protect economies from the ravages of the Corona virus should come from centrally issued Corona Bonds, or from country-specific debt. In short, should Italy and Spain pay the price of their own misfortune and be landed with the bill to pay off for years to come, whilst totally sovereign nations, like the US, simply issue bonds which can be paid for by the central bank and for which the government has no intention of ever repaying. In this edition of Debunking Economics Phil Dobbie asks Prof Steve Keen whether the inflexibility of the Euro at a time like this will mean countries like Italy will no longer want to be part of it. Could this crisis expedite the demise of the Euro, and, perhaps, the EU itself? If so, is that a good thing?

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