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Illustration: Aïda Amer/Axios

Europe came one step closer to the long-held dream of fiscal union this week, as both France and Germany signed on to the idea of the EU itself — rather than member states — raising money on the bond market that could then be spent on crisis relief.

Flashback: In April, I praised a Spanish proposal that the EU issue €1.5 trillion in perpetual bonds and then give the proceeds to the member states most hurt by the pandemic. The problem was that while Spain would be a net winner from the scheme, none of the net losers seemed inclined to sign on.

Driving the news: The proposal from France and Germany is similar, if smaller, at €500 billion ($550 billion). Still, it would constitute an unprecedented transfer from Europe's richest countries to those most in need.

  • Reality check: All 27 EU member states, including fiscally hawkish nations like the Netherlands and Austria, would need to agree in order for this to become a reality. But up until now, Angela Merkel's Germany would also have been considered to be in that group.

What they're saying: "Ms. Merkel, in the twilight of her long political career, has put the interests of the 27-nation union" before her domestic concerns, writes Steven Erlanger of the New York Times.

The bottom line: The U.S. monetary union only works because it allows and accepts massive one-way fiscal flows from the rich states to the poorer ones. (New York Gov. Andrew Cuomo has had some choice words on that subject of late.) If the European monetary union is to succeed, similar flows between states are likely to be necessary.

Go deeper

Aug 12, 2020 - Technology

EU-U.S. privacy rift leaves businesses in disarray

Illustration: Eniola Odetunde/Axios

Some businesses fear growing liability while others worry that small and mid-sized firms will get hurt as the U.S. and Europe begin work to replace Privacy Shield, the pact that let thousands of firms transfer data across the Atlantic without breaking EU privacy rules.

Why it matters: Without a replacement in place after the EU's high court struck Privacy Shield down last month, thousands of businesses will be stuck complying with an agreement that no longer applies in the EU while scrambling to figure out how to get data over from Europe without exposing themselves to legal risks.

Trump's "American Heroes" are 73% men

Expand chart
Data: Trump Executive Order and Axios reporting. Chart: Danielle Alberti/Axios

Delivering on a promise he made at Mount Rushmore this summer, President Trump yesterday released his 244 candidates for a "National Garden of American Heroes."

By the numbers: Men outnumber women nearly four to one (192 to 52). 86 of the nominees, nearly a third, were born between 1900 and 1950. 

Caitlin Owens, author of Vitals
40 mins ago - Health

Demand for coronavirus vaccines is outstripping supply

Illustration: Aïda Amer/Axios

Now that nearly half of the U.S. population could be eligible for coronavirus vaccines, America is facing the problem experts thought we’d have all along: demand for the vaccine is outstripping supply.

Why it matters: The Trump administration’s call for states to open up vaccine access to all Americans 65 and older and adults with pre-existing conditions may have helped massage out some bottlenecks in the distribution process, but it’s also led to a different kind of chaos.