'We are witnessing a pandemic of politics in Brussels, which like the coronavirus, is growing at an alarming rate.' Opinion | MartinRJay
Despite the EU appearing to edge closer to some grandiose rescue plan for eurozone countries hit hardest by the coronavirus, a video conference of EU leaders has raised more questions than answers about whether it can pull it off.
When EU leaders met via video link this week, the package on the table was mainly in loans which would have been enough to have provoked Italy into being the EU's number one enemy. As for the 2 trillion hoped to be part of a new EU budget, later on, the EU itself will borrow this money from international markets and have to pay it back. For countries like Italy, there are three options. Pay back as a conventional loan; pay back on "never-never" terms over decades like a Marshall Plan or not pay back at all and take the cash as a grant.
Where is the unity? EU leaders are bitterly divided on who gets to put their hands in their pockets to save Italian businesses because there is a dire lack of unification from across Europe – which always raises its ugly head when a crisis is in the midst. Remember the newspaper articles in the Greek press depicting Nazi officers when the eurozone crisis hit Greece?
The EU itself in Brussels, as well as EU leaders, know that the European Union needs to act fast if it is to salvage some political credibility.
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