European Union Proposes $825 Billion Coronavirus Recovery Fund | Talking Points Memo

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BRUSSELS (AP) — The European Union proposed Wednesday a 750 billion-euro ($825 billion) recovery fund to help countries weather a painful recession triggered by the coronavirus and bridge divisions over the conditions that should be attached for access to the money.

This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1311016
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And this is likely just the beginning. The amount seems on the low side to me considering the size of the EU economy (18T Euros in 2018). Just an aside, I wonder if Britain regrets leaving the EU at this point…they could probably use some of that cash, I should think.

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This is a sad sad story with a sad sad ending laying bare all that is wrong with the EU.
EU used to be inspirational, tackling the big questions and working for the people.
From ensuring peace, to helping re-construction, building institutions, spreading prosperity to setting EU-wide standards that bring prices down and promote competition and innovation.

While historians and observers can expand and substantiate and point out a myriad of reasons and events that lead to us here, the root cause is clear as day and very simple to understand.

Until the retirement of Helmut Kohl (in a backroom coup by Merkel no less), the arrangement was simple: The French set the policy and the Germans bankroll it. As long as the was no daylight between them two, everyone else more-or-less had to fall in line (and did).

Since Merkel took over some pretty fundamental essential changes happened:

  • The French were no longer unquestioned but became object of intense scrutiny.
  • The decision making clout shifted from foreign ministers to finance ministers. You simply can’t overestimate just how disastrous that was. This was the shift from idea(l)s to beancounting.
  • The cynical rapprochement with Russia and the building of two direct gas pipelines, by-passing the rest of the EU.
  • The willingness to accept the break up of the Euro.

Sad but true this comedy gold clip explains why Europe worked but doesn’t no more: