Seems Like the EU Might Not Survive Coronavirus
The German constitutional court voted against the ECB stimulus last week, which open another front for the EU
After Britain voted to leave the EU, worries increased for a breakup of the union. Then the worries increased after Matteo Salvini came to power in Italy a couple of years ago, but he was ousted by rival parties, although with the coronavirus crisis in Italy, I think that Salvini will come back to power and the EU will really be in danger.
Marine Le Pen is another headache for the EU. She will likely win by a landslide margin in France, considering the massive protests against Macron. But, before all that, the Germans might give the EU and the ECB the final push to the tipping point. Last week we heard Germans oppose the monetary stimulus packages from the ECB.
The German Constitutional Court voted against the stimulus package, while the EU is threatening to open a legal case against the German Court. So, dire times ahead for the EU:
Reuters reports German chancellor, Angela Merkel, as saying in a meeting with her CDU party
- Court ruling on ECB has ‘great importance’
- Court ruling is ‘solvable’ if ECB explains programme
- It is understandable that European Commission stresses that national courts cannot call the ECJ into question
Merkel is trying to play down the situation a little but at the same time maintain that the German court ruling does have some material standing. It will be interesting to see how all of this translates to Germany’s stance in more critical EU discussions in the future.
In case you missed the related headline over the weekend:
- EU could open legal case against Germany over ECB bond-purchases ruling
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