There's a growing bitterness developing in Italy, Spain and
the other hard hit 'southern' regions of the EU. The bloc is hardly unified in
its response to the virus pandemic. The lack of coordinated effort smacks of a
'every nation for itself' mentality as Pat Buchanan recently expressed.
The many day-to-day benefits of the EU have been found
wanting and in other cases burdensome and oppressive. This is why the Right is
on the rise in Europe and when this episode calms down they will receive a
boost. Brussels has been idle and even cold and callous in its response.
The power players (led by France and Germany) have shown
little interest in extending a helping hand to Italy, now (since the UK
departure) the third largest economy in the union. If ever they wanted to hand
Lega leader Matteo Salvini a gift, they've done it.
At this point no one knows just how severe the economic
fallout will be. We're still at a fairly early point in the story and while
markets have tanked, the governments are only just now starting to talk about
stimulus and cutting checks. The debt is going to be massive as will
unemployment. Many small businesses are unlikely to recover and reopen when the
dust settles. One cannot help but think of the 1920's and 1930's and the events
that led to the rise of fascist and authoritarian parties. The virus itself is
but one component of what is rapidly becoming a larger story.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.