In very much the same way, the necessities of managing interdependence will – and indeed do – lead to embryonic joint economic management: the EFSF/EFSM/ESM has put € billion at the disposal of the Monetary Union’s “federal” level to manage the sovereign liquidity crisis. Who would have thought this possible one year ago? The same is true for the European System of Financial Supervision.
With the service sector reopening while other household and business spending remains strong, I expect rapid growth to continue for some time before slowing to a still robust pace next year.