Could the Coronavirus Be Fatal for the EU?

Could the Coronavirus Be Fatal for the EU?

Since the EU’s debt crisis over Greece in 2009 and the subsequent problems with Italy, Spain, and Portugal, eurozone banks have dedicated their balance sheets to financing government deficits. At a cost to the commercial banks’ own cash flows, negative deposit rates at the ECB have ensured that no material losses have arisen from holding short-term government bonds on their balance sheets. And the only other beneficiaries have been the large corporations which through bond issues have managed to lock in zero or even negative interest rates on their debt. Officially, this has not...

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The EU is Rotting (and Its Banks are Insolvent)

The EU as a political construction is in a state of terminal decay. We know this for one reason and one reason alone: its core principle is the state is superior to its people. A system of government can only work over the longer term if it recognises that it is the servant of the people, not its master. It matters not what electoral system is in place, so long as this principle is adhered to. The EU executive in Brussels does not accept electoral primacy. It shares with Marxist communism a belief in statist primacy instead. The only difference between the two creeds is Marx planned to rule...

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What Trump Means for Brexit, China, and the EU

The easy pattern of prolonged trade negotiations has been rudely interrupted by President Trump. Even before he had become president, his anticipated presence in the White House changed global attitudes and expectations. In Europe, EU officials are wrong-footed, while British trade officials cannot believe their luck. EU officials were prepared to punish the UK knowing they could prevaricate for ever, because the EU should never, in its view, be challenged by a member state. The UK has been a disruptive member, and other members must be discouraged from following Britain’s exit at a time...

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