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The economic situation in the EU is looking more precarious by the day

Sunday, 17 September 2023 11:21 AM [ Last Update: Sunday, 17 September 2023 11:21 AM ]

ECB President

Eurozone interest rates have skyrocketed amid high inflation and preposterous spending on its proxy war in Ukraine, the EU is edging closer to a devastating recession.

EU leaders are urged to stop fueling the war in Ukraine as Eurozone interest rates hit their highest level since the euro was launched in 1999.

The economic situation in the EU is looking more precarious by the day.

Foreign direct investment has fallen by 80% since 2021; inflation is at 5.3%, well above the 2% target.

So is the European Central Bank, which manages the Euro, losing credibility?

Our credibility on the line is to reach the 2% medium term in a timely manner. And we will do everything we have to do in order to deliver on that.

Christine Lagarde, European Central Bank President

Eurozone interest rates hit record high, EU edging closer to recession

Eurozone interest rates hit record high, EU edging closer to recession

EU leaders are urged to stop fueling the war in Ukraine as eurozone interest rates hit their highest level .

The bank raised interest rates for the 10th consecutive time on Thursday to try and control inflation. It's very bad news for businesses and millions of mortgage holders.

Bankruptcy numbers were already climbing at an alarming rate and growing tensions with China might place even more pressure on the economy.

It could be, of course, very negative; everything that is a threat on international trade is negative for everyone in economics [sic].

Geoffrey Minne, Economist

Blinken in Ukraine, says Washington ready to fund war to 'last Ukrainian'

Blinken visits Ukraine, says Washington ready to fund war to 'last Ukrainian'

US Secretary of StateBlinken has visited Ukraine, saying Kiev needs a ‘strong deterrent’ in its war with Russia.

The biggest problem though, relates to ongoing tensions with Russia.

We've had 11 sanctions packages against Russia, we still see conflict, weapons being delivered, huge amounts of funds being pumped in to keep the war going. But no one is talking about peace negotiations.

Harald Vilimsky, Austrian MEP

It seems a growing number of citizens share that sentiment.

It is time to be talking about peace, not about weapons or providing more financial aid to the war.

Belgian Passerby 01

If the parties could come together and agree a peace that will be wonderful.

Belgian Passerby 02

LNG imports from Russia up 40 percent from pre-war levels

LNG imports from Russia up 40 percent from pre-war levels

The EU is vilifying Moscow while, at the same time, having increased Russian LNG purchases by 40% from prewar figures, benefiting from supplies that are much cheaper than those being exported to the EU from the US.

They keep sending billions of Euros to Ukraine, but with the exception of Viktor Orban, EU leaders insist it's a price worth paying.

At the same time, poverty and homelessness levels are steadily increasing across the 27 nation bloc, while inflation and interest rates continue to rise with no clear end in sight.