The European Union needs a peace strategy if it hopes to get out of a recession according to Michalis Piilos, editor of the Greek financial daily Naftemporiki. He reported the European Commission’s Autumn forecast that the EU will be in recession in the fourth quarter of 2022, after negative growth rates in the last two quarters. The eurozone`s economy is expected to contract in the fourth quarter of 2022 and the first quarter of 2023. The European Commission also revised its forecast for inflation for 2023: it will fluctuate at 6.1%, compared to just 4%. (This is far from reality since most countries in the EU are reporting inflation between 9 and 12 percent-Ed.) .
After describing further how dangerous the economic crisis is, he turns to the current Ukraine war as simply making it worse, that it is in reality a war between Russia and the US, he writes, “Europe must finally raise its head and intervene to end the war. Instead of sending financial and military aid to intervene diplomatically for a new ‘Vienna Conference’, of the 21st century. As after the Battle of Waterloo in 1815, the representatives of the victorious powers established the Holy Alliance, but decided to restore the ‘principle of legality’. In other words, today there must be efforts to redesign the future order together with the two warring countries. Otherwise, the crisis in the European economy will accelerate as long as the war continues. First of all, with the inevitable energy chaos, which reinforces the second systemic crisis, that of inflation. The third challenge is the loss of the euro and European leadership in global currency competition.”
