Euro-skeptics will get no mandate in forthcoming parliamentary elections to eviscerate the European Commission and deconstruct the European project of economic and political union, writes Michael Ivanovitch.
So, yes, the house of Europe looks divided, but it is stronger than most people believe. Its main strength comes from the Euro-skeptics' limited possibility for economic mischief.European Central Bank
Indeed, Italy's Euro-skeptic government was forced to walk back its proposed higher public spending and tax cuts at the time when fiscal restraint was needed to keep down excessive public debt and budget deficits. Creditors, including the ECB, voted with their feet, the cost of state financing went up, followed by widening debts and deficits. The result was a public outcry, insults of incompetence and a humble retreat to what creditors wanted.
That is a huge challenge. On top of that, over the last two years the EU countries have granted protection to more than 800,000 asylum seekers and resettled refugees.
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