Did Europe Just Agree to Joint Borrowing? Not Exactly

European Union nations are pulling together to face the worst economic emergency since World War II, but trying to do so without getting too tangled up. As countries embark on spending sprees to cushion the blow from the virus-induced slump, national debt levels are projected to skyrocket — a scary prospect for many already deep in the red. That’s revived a long-running debate about whether the EU should turn to debt mutualization — issuing debt that’s backed by all 27 members — to finance sp