Bloomberg calls it theoretical money

Just two days after our article “EU pandemic response, Truth be told” was published, Bloomberg wrote “Officials in Brussels have a tendency to pad out their flashy headline figures with the theoretical stuff. But investors trying to gauge the strength of the policy response would be advised to peer a little closer.” This is a strong rebuke of the European Union. Bloomberg also revealed that the French President Emmanuel Macron railed against “fake” EU budget proposals, according to two officials familiar with the conversation. Christine Lagarde, President of the European Central Bank, berated EU leaders of EU leaders’ response to the coronavirus crisis and accused them of acting too little, too late.

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