There will be no unity on actions to be taken on two key issues at the June 23-24 EU Summit: gas price and an ECB safety net for the Euro. Leaders of the 27 EU member nations are meeting in Brussels today and tomorrow.
One order of business that passed right away is that Ukraine and Moldova are now officially candidates for membership in the EU; Georgia will be, too, when it meets some conditions. This process can take quite a while, but European Commission President Ursula von der Leyen was quick to tweet that the EU candidacy decision “strengthens us all…in the face of Russian imperialism….”
In fact, the EU’s hot energy and financial issues are consequences of the ECB’s own expansionary monetary policy. Hyperinflationary gas prices are a spillover of the assets bubble into the commodity bubble; the urgency of the safety net is determined by the threat to the stability of the Euro caused by the attempt to stop hyperinflation through interest rate increase.
