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Paralyzed by crisis, the EU faces a political and moral abyss

20 3 2

Analysis. 'Solidarity cannot be just a word that we use without any kind of commitment.' European finance ministers are at a stalemate over how to pay the staggering economic costs of the coronavirus pandemic.

written by Roberto Ciccarelli

Topic European Union

March 31, 2020

At the European Council on Thursday, the 27 heads of state and government ended with an understanding: to postpone any decision on the coronavirus-induced economic crisis for two weeks. The Economy Ministers are trying to find a solution to the false dilemma of whether the European Stability Mechanism (ESM or the “state rescue fund”) or the “Coronabonds” renamed as “Eurobonds” or “European Recovery Bond” (which mean different things) was a better option—and this will most likely not be enough.

The incalculable cost of a recession produced by a freeze in production, and the long-term consequences of a brand new capitalist crisis, could be tackled by the constitutionalization of a new supranational government that would feature, in addition to changing the role of the ECB as lender of last resort, an economic and social democracy at the European level.

However, this solution, like all others, is not within the realm of possibility of a compromise between the real actors of the ghostly political entity called “the European Union”: namely, the governments currently in office.

It has been quite a few years since we last witnessed, on this modest stage, a clash such as this. Not even the previously emblematic battles between Wolfgang........

© Il Manifesto Global