EU and the coming economic downturn
Unlike the crisis of ten years ago, the damage caused by the coming slowdown will not be concentrated in southern Europe; it will hurt the eurozone as a whole, including almighty Germany. ,
The European Union barely survived the first crisis. A recession that hits the EU core would amount to a serious, even existential, threat.
One would think that ten years were enough to take steps to prevent history from repeating itself. But initiatives like the creation of a banking union and the completion of the single market have not been realized, because Europe’s leaders have insisted on discussing issues at the margins, rather than implementing difficult reforms.
It is as if they haven’t noticed the lowering clouds on the economic horizon.
Ana Palacio Project Syndicate 22 May 2019
The European Union barely survived the first crisis. A recession that hits the EU core would amount to a serious, even existential, threat.
One would think that ten years were enough to take steps to prevent history from repeating itself. But initiatives like the creation of a banking union and the completion of the single market have not been realized, because Europe’s leaders have insisted on discussing issues at the margins, rather than implementing difficult reforms.
It is as if they haven’t noticed the lowering clouds on the economic horizon.
Ana Palacio Project Syndicate 22 May 2019
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