Europe seems to be gradually shedding the long-held tenets and taboos of its post-war, rules-based liberal order. National borders are closing. Personal liberties are being curtailed. Governments are ruling by decree, with hasty rubber-stamping by deserted parliaments. Fiscal limits are being overstepped. Few noticed when, days ago, the European Union suspended its stability pact and Germany approved a mammoth budget deficit plan. The European Central Bank has launched a massive monetary attack using all its instruments, and made no secret of its readiness to trespass its ‘red lines’ on which and how many assets it ... (full story)