"Seen from Elsewhere", N ° 11 - One generation, two economic crises

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There is a danger in the European home, as the coronavirus crisis has widened the divide between the countries of the North and those of the South. The 27 agreed to snatch on an envelope of 540 billion euros to revive the economy. Borrowers will not be required to undertake structural reforms, contrary to what the Netherlands demanded. But the countries of the North continue to curb the spending enthusiasm of the European institutions. As evidenced by the judgment rendered last Tuesday by the German Constitutional Court, requiring the European Central Bank to justify within three months the legitimacy of its massive program of purchasing state debts. In this standoff where nothing less than the future of the euro and European integration is at stake, the President of the European Commission Ursula Von der Leyen will decide by presenting her recovery plan before the end of the month . On this will depend how Europe will recover from this crisis.

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