Europe's big bonds and the prospect of a boon for Australia

Recently concluded negotiations for a new seven-year budget of the European Union, which excluded Britain for the first time in five decades, lasted more than two years and took five arduous days last month to wrap up in Brussels. But the result fundamentally changes and extends the role of the European Commission in international financial markets. This will have significant consequences for Australia – both as a free trade deal is finalised, and for strategic interests in a post-pandemic world.