Well, the Melbourne virus outbreak has scuttled lots of plans and events. We wouldn’t be in this situation if the Federal government had have invested in dedicated quarantine facilities last year when they were told to and taken advice to ensure their vaccination purchases were sufficient. Anyway, that is for another day. Today, I have been examining European data and matching them against a recent interview (May 26, 2021) – Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Jun Ishikawa – that Nikkei published yesterday. Things have changed a bit in Europe since the GFC although the fundamental problem of the Eurozone remains – there is a disjuncture between fiscal responsibility and fiscal capacity and the only way that that mismatch is being addressed is the via the on-going ECB funding of fiscal deficits, despite the denial that that is what is happening. It is plainly obvious to all.