It’s entirely possible that the EU can overcome the political struggles that a true EU bond brings about (I’d love to see how a bond would work that both the Hungarian and Danish and French and Greek governments would back long term) but it seems just as likely that each country will hold bonds in lots of countries, probably in some similar relationship to their trade imbalance.

But this is not some unmitigated win for the EU, there is just as likely to be really inefficient and riskier outcomes for everybody as there is some karmic punishment for the States for allowing Trump to run amok.