{"id":174993,"date":"2020-12-14T12:00:48","date_gmt":"2020-12-14T12:00:48","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=174993"},"modified":"2020-12-13T05:50:45","modified_gmt":"2020-12-13T05:50:45","slug":"eu-summit-billions-for-the-banks-nothing-for-workers","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2020\/12\/eu-summit-billions-for-the-banks-nothing-for-workers\/","title":{"rendered":"EU Summit: Billions for the Banks, Nothing for Workers"},"content":{"rendered":"

12 Dec 2020 – <\/em>The European Union (EU) summit on December 10\u201311 resembled a besieged fortress. It took place in the midst of the deepest social and economic crisis the EU has faced since its foundation.<\/p>\n

The coronavirus pandemic is spinning out of control. Every day, more than 5,000 people die from the virus in Europe and more than 200,000 are newly infected\u2014with the figures rising. Anger, indignation, and resistance are growing against the irresponsible policies of governments across the continent, which ignore all scientific warnings and sacrifice indispensable protective measures to the profit interests of big business.<\/p>\n

The heads of state and government met in person in Brussels for the first time after the previous meetings of the European Council had been held online. They opted for this risky approach because the differences and tensions had reached a level that could no longer be overcome through video conferencing.<\/p>\n

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An image from the EU Summit (Twitter\/@EUCouncil)<\/p><\/div>\n

In hours of negotiations that lasted the entire night from Thursday to Friday, they finally succeeded in defusing the fierce conflicts. This does not mean, however, that the differences have been overcome. What currently holds the European Union together is, above all, the fear by the ruling class of the working class. When it comes to suppressing social opposition, building up a police state, pursuing a militaristic foreign policy and making new multibillion-euro gifts to the banks and corporations, they all agree.<\/p>\n

It is significant that the European Council only discussed the pandemic peripherally and did not decide on any measures to contain it. Instead, the Council expressly welcomed \u201cthe coordination of efforts at EU level so far\u201d and committed itself to \u201cstrengthening this coordination, in particular in preparing for a gradual lifting of restrictions and a return to normal travel, including cross-border tourism.\u201d<\/p>\n

This means that European governments will continue their current policies, which have led to the greatest health disaster since the Spanish flu a hundred years ago, and will do everything possible to quickly remove the completely inadequate protective measures.<\/p>\n

The European Council\u2019s most important decision was the adoption of the EU budget for the next seven years and the release of the \u20ac750 billion economic stimulus package, upon which the EU had already agreed in the summer. The EU Commission under Ursula von der Leyen thus has the gigantic sum of \u20ac1.8 trillion at its disposal in the coming years to enrich the banks and corporations, bribe politicians and bring recalcitrant governments into line.<\/p>\n

European Central Bank (ECB) boss Christine Lagarde supplemented this sum on Thursday with a very special Christmas gift. The ECB extended its Pandemic Emergency Purchase Programme until the end of March 2022 and expanded it by \u20ac500 billion. The cost of the junk bonds the ECB will purchase from banks and speculators thus increases to an incredible \u20ac1.85 trillion.<\/p>\n