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COVID-19 restrictions slowly killing EU economy

Tuesday, 19 January 2021 2:47 AM [ Last Update: Tuesday, 19 January 2021 2:48 AM ]

Jerome Hughes

Press TV, Brussels

2021 has so far been miserable for millions of business people and their staff across the 27-country European Union. Lots of outlets are being forced to close their doors to prevent the spread of COVID-19 with only essential retailers allowed to remain open.

Finance ministers from the 19-nation eurozone have just concluded their first meeting of 2021 and warn that social inequality in the EU has yet to peak. Government and personal debt is rising due to the pandemic.

We are reminded that the bloc has pre-existing economic problems. For example, in Greece, youth unemployment was running at almost 50 percent even before COVID-19 came along. The EU's spending watchdog, the European Court of Auditors, has been examining the bloc's initial response to the pandemic.

During an online interview, a spokesperson told us that better cooperation is required. EU finance ministers say COVID-19 recovery funding needs to be released without delay and spent wisely by member states. Meanwhile, the bloc's crucial vaccination program is being rolled out too slowly, many health experts argue.

Because the bloc is still in the middle of a health emergency, and at the start of a new economic crisis, analysts say the EU's response will not be fully assessed by citizens until the pandemic passes. Based on current information, perhaps their verdict will not be good.

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