The globalists think the sinking fortunes of Theresa May and the defeat pf Marine Le Pen are E.U. victories, but they won’t matter much longer.
After Brexit passed and Donald Trump won the U.S. Presidency, globalists were desperate for E.U. victories. The shift in Brexit’s fortunes and the victory of Emanuel Macron in France are widely considered to be E.U. victories by many.
But are they anything more than propaganda victories? Will they lead to other victories or to new defeats?
John Micklethwait writes in Bloomberg Businessweek: “Britain Is Shamed and Brussels Triumphant. But Is That Good for Europe?”
This is the sort of thing that makes elderly Eurocrats start to hum Europa on their bidets. But getting back on your feet is a long way from marching forward. There are a lot of “ifs” in the EU’s renaissance. They begin with Macron. Talking about reform is a long way from enacting it. He’s already lost a couple of cabinet ministers. The real test of his resolve will come in the National Assembly and then in the streets: France has a huge public sector that consumes more than half its gross domestic product and which will fight against reform.
There’s a bigger problem than France: Italy’s debt is 133 percent of GDP, its economy is basically unreformed, and it faces an election next year that could be won by a coalition of Silvio Berlusconi’s center-right party and the anti-immigrant Northern League or even the anti-euro Five Star Movement. Merkel knows that German voters won’t be pleased with the prospect of salvaging such an Italy. Rather than rejoicing in their role as the euro’s main beneficiary, let alone feeling guilty about the austerity they’ve enforced on the rest of the continent, some Germans see themselves as long-suffering philanthropists who’ve bailed out the lazy people of Southern Europe repeatedly.
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