William White, along with a number of others, answered this question in the Summer Edition of The International Economy. He concluded that the agreement of member countries of the EU to allow a significant expansion in community issued debt was a remarkable and welcome development. However, it fell far short of being a “Hamiltonian Moment”. Not least, there was no assumption of state debts by some higher political order. Nor was their agreement on a dedicated source of funds to ensure the future servicing of centrally issued debt.
InternationalEconomyHamiltonianSummer2020