Why's everyone celebrating yesterday's Eurogroup? Yes, there's lots of ambiguity in statement so & can claim a win, but guarantees for SURE are voluntary & while there's no ESM conditions for med expenses, a DSA remains & support for SMEs would trigger macro conditionality 1/
The language on "Coronabonds" - the supposed 4th pillar - is in, yes, but vague & hidden under "sources of financing & innovative instruments." Yesterday, did everyone not realise that @OlafScholz only spoke of a three pillar deal? This is more than just a slip 2/
will now want to work on this 4th pillar/Coronabonds, but for the job is done & it's now about implementing the first three legs. They will now want the ball kicked to @vonderleyen to reboot Europe's economies using the MFF 3/
True thinks that language on leg 4 leaves it all to play for. But I don't expect a lot from EU leaders. Merkel, @EmmanuelMacron & @MinPres spent lots of time on phone yest - this is a leaders, not a finance ministers deal. So don't expect huge movement from them now ENDS