If Europe wants “strategic autonomy” from the U.S., it is going to have to pay for it. Given the stretched fiscal position of some of the nations that are meant to be leading this drive, most notably France, the question is how. As I noted the other day, France would like the EU to help out, by borrowing directly on the market to help pay for the increased spending. Germany, which in many respects underwrites the euro, is rightly pushing back, and is calling for countries such as France  . . . rethink their priorities.

Austrian economist Fabian Wintersberger ponders this ...

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