Later today, Thursday 23rd April, the EU Council will meet to discuss the common European response to the Great New Recession caused by the pandemic. Their agenda should comprise one, and only one, item: How to ensure that the necessary increase in public deficits will not show up in the fiscally stressed member-states’ national budgets, so as not to boost already non-viable public debt levels. If the EU Council fails in this task, the result will be massive, cruel austerity (e.g. pension and wage cuts, new taxes etc.) for the Europeans worst hit by the pandemic.
It is not just that Europe’s leaders are acting in a manner that strikes at the heart of Europe and its people. It is also that they are pathetically predictable.
The common, European response that they will, supposedly, agree to tonight will be no more than the following subterfuge: They will announce some Grand European Fund for Post-Pandemic Recovery & Reconstruction by which to impress the natives. They will announce some impressively large euro sums that will, in theory, fund it. However, in reality, what they will do is this:
The over-indebted EU member-states will guarantee loans to be taken out by the European Commission that the European Commission will then extend to the member-states as… loans. In short, monies borrowed by the member-states that are added to the debt of member-states will be funneled via the European Commission so as to pretend that the European Union is playing a role!
In summary, having killed off Eurobonds two weeks ago, the ruling oligarchy will facilitate the leaders of South-Western Europe, who were hitherto demanding Eurobonds, to fib to their voters – to tell them “We achieved, if not all we wanted, something important” and that “We made a good start in agreeing to a common, European response”.
The only thing that truly matters about tonight’s EU Council agreement is that the ruling oligarchy will impose upon Europe’s most vulnerable new national debt that guarantees massive new austerity. Everything else is just thinly disguised propaganda.
Remember this, as our Lilliputian leaders exit the EU Council full of smiles and in celebratory mood: They are celebrating an awful agreement that allows them to funnel new national debts via Brussels before they fall on the shoulders of the weakest Europeans.
This is why DiEM25 is calling upon all Europeans to rise up against the EU Council’s latest crime against logic and, yes, against Europe. [For DiEM25’s 3-point plan that the EU Council should adopt, but refuses to, click here]