Merkel and Macron warned EU fund 'not going to fix' eurozone imminent collapse
Daniel Stelter, Founder of the discussion group Think Beyond The Obvious, explained divergence between the EU27 means that the economic recovery fund will not fix the issues the European Union had before the coronavirus pandemic. The rescue and recovery plan is bolted onto a revised seven-year budget proposal, the EU's Multiannual Financial Framework (MFF) which totals €1.1 trillion for the years 2021 to 2027. The proposal relies on borrowing from the financial markets.
Speaking to France 24, Mr Stelter said: "€750 billion is not going to fix the problem and it's not addressing the real causes. "Yes, we had coronavirus, it was a human tragedy and an economic crisis for Europe but mainly a human tragedy for Italy. "On the other hand, we have to accept the high death levels of Italy, Spain, Portugal and France had issues before coronavirus. "In addition, we had divergent competitiveness, the eurozone economics have not converged. READ MORE: Brexit breakthrough: UK on track to secure landmark trade deal in July
"We have two problems and by just installing transfers from Germany to other countries, we are not going to address this issue." Director of European Alternatives, Lorenzo Marsili, added: "You could say better late than never. "We have been through over a decade of European crisis through which European leaders have been utterly unable to respond in any way that strikes as ambitious, visionary, imaginary or even effective. "The Franco-German axis occasionally, once in a decade, manages to do just about what it takes not to ...
More on: www.express.co.uk