Europe’s magic works better in the dark

Europe’s latest fiscal intervention looks like the kind of muddle-through that makes a United States of Europe more likely, says Merryn Somerset Webb. But only if you don’t look too closely.

European Council president Charles Michel © OLIVIER HOSLET/POOL/AFP via Getty Images
European Council president Charles Michel
(Image credit: European Council president Charles Michel © OLIVIER HOSLET/POOL/AFP via Getty Images)

If your dream is a United States of Europe you may not much mind a crisis: it is usually one of these that prompts a new step towards EU integration. So it is with Covid.

The strict lockdowns most EU governments adopted as their main pandemic policy have created economic carnage across the continent. The European Central Bank (ECB) has done its bit – but it also asked and asked for a dose of fiscal intervention as well. The Commission has delivered: its latest seven-year budget is to be bumped up with the €750bn Next Generation EU Fund (NGEU) to help the worst affected countries.

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.