Spring is in the air, and Brussels should be buzzing with activity. Remember von der Leyen’s Next Generation EU (NGEU for short), the €750 billion ‘Corona recovery fund’ borrowed from the owners of capital and divided according to an incomprehensible formula between the member states, all 27 of them? This was agreed in July last year, and one might have thought that the EU would now be busy selling debt to its favourite banks. These would then sell the debt on to the European Central Bank, with a healthy profit, making their shareholders happy while fuelling quantitative easing, thereby keeping asset prices up and further adding to their shareholders’ happiness (‘stabilizing financial markets’ is the politically correct term). Well, we’re not bankers, so we don’t really need to know, and, anyway, isn’t such sensitive business better conducted behind closed doors?