The European Union Is About to Rupture
- The European Union Is About to Rupture
by Tuomas Malinen, https://www.theepochtimes.com/
The possible, even likely, collapse of the European economy would inflict some heavy costs to present European institutions. In this article, Peter Nyberg and I detail why we believe we’re likely to see some rupturing of the European Union as originally conceived. This may occur in two ways: Either the EU disintegrates completely, or it mutates into something unrecognizable to its original purpose.
This commentary concentrates on some of the factors causing the disintegration.
The functioning of the EU has, until recently, been built on two political pillars that now appear to be crumbling: Primarily, German growth has made possible the joint financing (through low-cost debt, the EU budget, and the central banks’ clearing system) of unsuccessful economies without the EU forcing them to commit to politically unacceptable reforms. Beneficent global developments have made possible the concentration on economic integration while going slow on the much more contentious integration of cultural, social, and foreign policies.
The deterioration of the global economy, together with EU policies, now threatens industry and living standards in EU member states, reduces the scope of joint economic support, and forces member states to rapidly evaluate their readiness for possibly radical reductions in their political self-determination. This is most evident in Italy.