Obama accused of “humiliating” the European Union

Former US President Barack Obama has “humiliated” the European Union by pointing out the block’s “intractable contradictions” in his new book A Promised Land. Express writes this.

The EU is experiencing perhaps the greatest crisis of confidence in its history. Regardless of the current state of “Brexit” negotiations, Britain’s exit from the union looks like an unprecedented blow to Brussels ‘ image. If you add to this the dispute among EU member states over the COVID-19 recovery fund, the block’s future looks bleak at best.

Against this background, Barack Obama, “still one of the most influential voices in big politics,” as if stabbed a knife into the body of the European Union with his “murderous assessment,” the article says.

The former US president writes that the Greek debt crisis that emerged after the financial crash of 2008 ” exposed the unresolved contradictions that underlie Europe’s decade-long movement towards deeper integration.”

“Then I realized that the Greek debt crisis was as much a geopolitical issue as it was a global financial issue,” Obama said.

Even worse, politicians in Athens had no way out of the current situation, as membership in the Eurozone did not give the country the necessary flexibility in monetary policy, the article says.

In his memoir, he hints that the impact of Greece’s bailout on France and Germany has been enormous.

Confidence in the Eurozone has been eroded, and the scars are visible even today — not least because of recent disputes among EU member states over the COVID-19 recovery fund, the article says.

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Alexandr Ivanov earned his Licentiate Engineer in Systems and Computer Engineering from the Free International University of Moldova. Since 2013, Alexandr has been working as a freelance web programmer.
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Alexandr Ivanov

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