Germany is slated to take the helm of the European Union’s Presidency of the Council in July. Currently at a 62 percent GDP to debt ration it has been tasked to take the helm of the beleaguered Union struggling with debt ratios at or above 100 percent. Greece, has ballooned to nearly 200 percent, and with pandemic numbers and economic losses mounting, there is no guarantee that member countries will fair any better. Gone are the days when northern states could look down their noses at southern states grappling with crippling debt. Mother nature, the great equalizer may have brought the proud north to the same level as its southern neighbors.
Germany has already formulated a new motto, “Together for Europe’s Recovery” and branded it with a mobius symbol in the hopes of galvanizing southern states. The obvious pandering is likely in the hopes of persuading southern EU states to forget the brutal austerity measures of the past that have gutted their economies, job markets and the hopes and dreams of millions. A generation of Europeans have less opportunity and less mobility than the previous generation, as heedless industry has flooded sleepy towns with hordes of immigrants from Pakistan, India, Sub-saharan Africa and the middle-east. who have had to bare the brunt of austerity measures for the past decade.
A generation of Europeans have less opportunity and less mobility than the previous generation, as heedless industry has flooded sleepy towns with hordes of immigrants . . .
According to an official release from the German Government it will oversee and arrange council meetings, “In a six-month period that can involve over 1,500 meetings. Alongside the meetings at ministerial level, there are about 200 working groups and committees.”
Additionally, Germany will be responsible for representing the EU in international relations matters involving the World Bank, World Trade Organization and similar international entities. As the EU’s largest economy, followed by France and Italy respectively, Germany hopes its efforts will change the fortunes of the Union in the absence of the UK which narrowly escaped what seems to be the debt vortex, instability and survival migration that is ravaging the tedious balance of the Union.
And while Germany is now tasked with salvaging the EU through the Covid-19 lock-down transition, Croatia relinquishes the seat it held for the first six months of 2020. Incidentally, Croatia has a staggering 74 percent GDP to debt ratio. Incidentally, Spain, France and the UK has some of the largest number of EU migrants from other EU countries–these nations also have some of the highest Debt to GDP ratios in the Union, according to the Migration Observatory at the University of Oxford . Little spoken of is the obvious Eastern European block states like Poland and Romania, sending enormous waves of intra-european immigrants weighing down more advanced economies. Is it possible that the economic dysfunction of former Eastern Block states have begun saturating the EU, as membership expands? It seems the poverty and disparities endemic in those states are being distributed throughout the Union like a slow poison.
Incidentally, Spain, France and the UK has some of the largest number of EU migrants from other EU countries–these nations also have some of the highest Debt to GDP ratios in the Union, according to the Migration Observatory at the University of Oxford.
It will be interesting to see how Germany will tackle the last two quarters of 2020. Will southern European states once again be the whipping boy of the EU? How will Union handle its migration problem. We are left with more questions than answers as Germany takes the helm of Europe in the time of Covid.