Ursula von der Leyen’s signature proposal co-opts the slogans of climate activism, but has none of the substance
Emergencies tend to reveal our true priorities. When our house is burning down or the storm waters are flooding in, we hold on to what we value most, and leave the rest behind.
A decade ago, the leaders of the European Union found themselves facing such a moment. With the French and German banks falling into a black hole, they did whatever it took to save them. Between 2009 and 2013, European governments channelled €1.6tn (£1.36tn) to Europe’s bankers, while imposing stringent austerity upon the European citizens they pledged to serve. When in 2015 they realised that more support was necessary, the European Central Bank printed €2.6tn over just four years.
Continue reading… February 7, 2020 at 06:03PM Yanis Varoufakis and David Adler