TL:DR – Yanis Varoufakis criticises Ursula von der Leyen at EU summit in Belgium
• EU leaders have gathered on Thursday at Alden Biesen castle in Belgium for an informal summit focused on competitiveness.
• Former Greek Finance Minister Yanis Varoufakis stated Europe must choose between federalisation or dissolution of the euro.
• French President Emmanuel Macron advocated for “future-oriented eurobonds” to finance strategic projects.
• German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni will propose a joint economic doctrine prioritising deregulation.
• The summit aims to shape proposals for a formal EU leaders’ meeting in late March.
Choose to federalise or ‘we can disband the euro,’ Varoufakis tells Euronews
European Commission President Ursula von der Leyen is facing criticism from former Greek Finance Minister Yanis Varoufakis, who asserted on Thursday that Europe must decide between federalisation or dissolution. Speaking during an interview on Euronews’ Europe Today programme, Varoufakis stated that current EU leaders are “falling in the vacuum in between.”
Varoufakis attributed Europe’s issues to a monetary union that lacks fiscal and investment structures, claiming that the continent has experienced a deficit of investment for two decades. He remarked, “We have federal money and this is our tragedy. We have a great central bank, a monolith of a central bank, and we have 20 treasuries that can’t really rely on it.” He emphasised that EU leaders are failing to discuss a significant issue regarding eurobonds, specifically who would be responsible for issuing the debt.
EU Leaders Discuss Eurobonds at Informal Summit
His remarks coincided with an informal summit of EU leaders held on Thursday at Alden Biesen castle in Belgium, where eurobonds emerged as a contentious topic. French President Emmanuel Macron advocated for “future-oriented eurobonds” to finance strategic projects, citing the need for alternatives to the US dollar in global markets.
German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni are anticipated to propose a joint economic doctrine focused on deregulation during the summit. Meanwhile, opposing views came from the Netherlands, Nordic countries, and Baltic states, which rejected “Buy European” preferences that they perceive as protectionist. The meeting seeks to develop proposals for a formal EU leaders’ session scheduled for late March.
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