For once the word historic isn't misplaced. The deal on common borrowing is a huge symbolic + practical step for Europe. Shows the EU can take bold decisions when a) in a crisis b) France + Germany work closely together c) their leaders (Macron + Merkel) mobilise others smartly https://twitter.com/EmmanuelMacron/status/1285417491687243778

One thing I've learned over the years is that it's often a big mistake to expect too much from Franco-German cooperation, and occasionally an even bigger mistake to underestimate what France and Germany can do for Europe with the right leadership at the right time

It's also a big legacy moment for both Merkel, who leaves office next year, and Macron, who put Europe at the centre of his election campaign and whose ideas-packed speech at the Sorbonne in Sep 2017 was regarded as quaintly ambitious. Even 3 months ago nobody bet on this outcome