Stubb: EU threatens to turn in on itself

“Village politics, populism, and nationalism in the air"

Alexander Stubb

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The European Union lacks political leadership in dealing with difficult economic crises, said Minister for Foreign Affairs Alexander Stubb (Nat. Coalition Party) in Helsinki on Wednesday.
      “I am rather worried. Village politics, populism, and nationalism are all in the air”, Stubb said. He analysed the current crisis in Europe at an event for journalists at the Ministry for Foreign Affairs.
      While the euro and European economic stability are on a weak footing, Stubb says that optimism is nevertheless in order. He notes that Europe has developed through crisis. “I just don’t remember any crisis that would be quite this alarming”, he added.
     
The irresponsible use of money by some countries in the Eurozone led to a danger of collapse, according to Stubb, who added that decisions that have been made so far have bought a few years of additional time. At the same time, the countries are examining whether there is the readiness to take additional steps in unification of economic policy, which has hitherto been one of the core areas of a nation-state, and jealously guarded.
      Last week EU leaders agreed on setting up a fund of EUR 750 billion as an economic guarantee, while Spain, Portugal, and Greece promised tough measures to reduce their public deficits.
      Next, the EU needs to agree on how the European Commission will be able to monitor the budgets of its member-states, which are the main tools of the fiscal policies of those countries.
     
Stubb says that June’s EU summit will show the extent to which the members are ready and willing to agree to proposals from the Commission to increase supervision.
      In the pressure of the crisis, Europe is burdened by both poor leadership and a negative atmosphere.
      “The European Union is currently tied up with the prevailing atmosphere. Just as we are supposed to be building a common foreign and security policy, does this mean that we are curling up and hiding away?” Stubb asked.
      He says that the issue is ultimately an “internal crisis of the Western world”.


Previously in HS International Edition:
  True Finns´ chairman Timo Soini does not believe Finland will ever be paid back its loan to Greece (17.5.2010)
  Parliament passes loan to Greece after acrimonious debate (14.5.2010)
  Parliament argues over giant loan to Greece (5.5.2010)

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