The grim reality for the European Union:
Now that German growth has stumbled, the euro area is on the verge of tipping into its third recession in six years. Its leaders have squandered two years of respite, granted by the pledge of Mario Draghi, the European Central Bank’s president, to do “whatever it takes” to save the single currency. The French and the Italians have dodged structural reforms, while the Germans have insisted on too much austerity. Prices are falling in eight European countries. The zone’s overall inflation rate has slipped to 0.3% and may well go into outright decline next year. A region that makes up almost a fifth of world output is marching towards stagnation and deflation.
Surely the leaders of the European Union should be more than worried. However, instead of taking the necessary measures to create growth, those leaders have chosen to reinforce the only really "succesful" EU project, the self-destruction of the European economy:
in the early hours of Friday, Mr Van Rompuy, wrote in a tweet: "Deal! At least 40% emissions cut
by 2030. World's most ambitious, cost-effective, fair #EU2030 climate energy
policy agreed ."
The EU Commissioner for Climate Action, Connie Hedegaard, said she was "very
proud" that the leaders "were able to get their act together on this pressing
Meanwhile, German Chancellor Angela Merkel said: "We made a decisive step
The EU is already on target to cut its CO2 emissions by 20% by 2020, compared
with 1990 emission levels.
EU officials earlier said they wanted the EU to have an "ambitious position"
in the run up to the UN climate change conference in Paris in December 2015.
They must be smiling in the US, China and India ...