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- Putin says Russian nuclear explosion poses no threat
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- PM Johnson calls on Germany and France to compromise on Brexit
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Wednesday, 08 July_An imposing banner has been erected on the side of the European Commission building saying "Next Generation EU".
This, as many people are asking, can the EU survive? Will there be a next generation EU? According to the commission, one of the biggest economic challenges facing the 27-nation bloc is the failure of external countries, such as the United States, to control the COVID-19 pandemic.
The European Commission's Summer Economic Forecast paints an even grimmer picture than the one published two months ago. It suggests the 19-nation eurozone economy will decline by 8.7% this year. The lifting of COVID-19 lockdowns in the bloc is happening more slowly than had been hoped. A possible coronavirus resurgence is also dampening confidence.
To restore economic confidence, the European Commission says an effective vaccine is required. However, economists say that will not prove to be the proverbial silver bullet. Getting things back to how they were prior to COVID-19 will take years, they warn.
In a worse case scenario the EU could break apart, according to experts. A lot depends on that possible second wave, Britain walking away from the EU at the end of this year without a trade deal and the re-election of Donald Trump is also a major concern.
Major worries surround the potential scale of a new social crisis in the European Union. In this regard the European Commission, unions and civil society organizations are urging EU leaders to agree on a proposed €750bn stimulus package when they meet here face to face at the European Council next week.
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