The EU coronavirus fund will take Europe another step towards disintegration | Yanis Varoufakis


The recovery package promises deeper integration between European countries. Here’s why I think it won’t work

During the early years of the eurozone crisis, I remember gauging its depths by the rapidly diminishing half-life of the celebrations that followed every European Union summit. Premature proclamations that the crisis was over inspired hope, which caused the money markets to rebound. But then, at some point, gloom would unfailingly return. As the years of austerity for the many and socialism for the few ground on, that point arrived sooner after each EU summit.

Could it be that, at long last, this sad pattern has been broken by last week’s summit, which resulted in a brand new, €750bn post-pandemic EU recovery fund?

Related: With its recovery deal, is the EU finally starting to act like a unifying force? | Shahin Valléee

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