Day Of Reckoning For European Union?
Day Of Reckoning For European Union?
Is This The Beginning Of The End Of The European Union Or Is It The Next Step On Ever Closer Financial Union?
EU leaders meeting in Brussels are trying to thrash out a deal essentially between the north and south of the EU. A three quarters of a trillion euro pandemic economic recovery fund will either be lent out to member countries who will have to pay that money back to EU or grants will become available for member countries to apply for that will be paid for but all members but not paid back by member country that received grant.
If a grant system is adopted then the whole will pay for the recovery of the whole EU. If a loan system is adopted then each country is on their own when it comes to economic recovery financing. The latter may well lead to the break up of the EU. The former will send the EU further down the track to financial federal union of member countries with joint taxation single budgetary union and more.