The EU is the largest economy in the world with 500 million consumers. It is also the world’s largest trading bloc.

However, with the exception of VAT and customs duties, the EU does not have any taxes of its own: the imposition and collection of taxes is left to member states. That may be about change.

Just as the UK and the four countries which comprise it have to consider how tax will support financial recovery from coronavirus, so Brussels has to work out how to finance the post-coronavirus recovery plan which it is rolling out.