Saturday 11 April 2020

EU fractures and kids (parents) flake

The EU is still in trouble and S Jenkins has drawn an obvious implication:

The coronavirus crisis has exposed the truth about the EU: it's not a real union 
The arguing over a financial rescue package for hard-hit states shows that even member states don’t trust Europe
The reason was glaringly obvious, and as old as the EU itself. The northern European nations within the eurozone still do not trust the hard-pressed southern ones to spend money wisely and pay back their debt

Finally a last-minute package was agreed, for €500bn of emergency loan finance. This was little more than an extension of the existing European stability mechanism, designed to help individual countries in short-term emergencies. Even then, it was a mere third of what the European Central Bank had said was needed, €1.5tn euros. What was specifically not agreed was any sharing of the economic burden of the pandemic across European treasuries in general. It was mostly more loans....For the first time in 75 years, large numbers of Europeans are simply unable to buy food. Their erstwhile employers face bankruptcy, and their banks face collapse

[The EU] lacks accountable leadership to make consent effective...The pandemic has revived a faith in local community, and in a shared sense of nationhood. Yet the reaction of key European governments to this financial emergency has been like that of the British people in 2016. They don’t trust the EU with their money. What you don’t trust with your money is not a union.

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