If the outcome of the US Presidential election should mean anything to the EU establishment, it is that now is definitely not the time to quarrel with one’s own central bank. A decade after the global financial crisis, the two economic behemoths are again to square off in an economic recovery contest, whose previous iteration did not bode well for the Old continent.

So far, the cross-Atlantic experience has been shared – both the Fed and ECB have embraced expansionary monetary policy and made repeated calls for a corresponding fiscal effort in response to the economic shock of the pandemic.