For more than a decade, investors have questioned the durability of the European project. The landmark EU budget deal reached by the European Council on July 21 should put an end to that. We have reached the climax of Euroscepticism. 

The European Recovery Fund, a €750bn fiscal package, may not be massive in but it’s “massive in intent,” said Nikhil Srinivasan, in his role as CIO at PartnerRe in London. “It has taken away essentially all