If politics is the art of the possible, economics is the art of the necessary. The latest EU27 Covid-19 rescue deal agreed during the July 17-21 summit is the case in point. The full package officially combines the multiannual financial framework (MFF), known as the EU Budget 2021-2027, and an extraordinary recovery fund, Next Generation EU (NGEU). The deal was long coming. Floated first back in March, promoted by the EU Commission in April, and backed by the Franco-German proposal in late May, it was subject of a series of marathon negotiations, replete with the usual European-styled drama of bickering and horse-trading. The…

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