via tuho
https://diem25.org/have-new-policy-agenda-for-the-2020s/In 2020 the EU officially endorsed a so-called ‘Green Deal’. Regrettably, it was endorsed “more in the breach than in the observance”: No real funding was ever put aside for this ‘Green Deal’ and, worse still, the EU continues to pursue the extraction and distribution of fossil fuels in a manner that increases geopolitical tensions.
In particular, plans to extract oil and gas in the Aegean Sea and the Eastern Mediterranean are causing geopolitical tensions that only benefit arms dealers and the financial vultures who profit from ‘securitising’ fossil fuels and gas pipelines and that will, most probably, not even see the light of day. They also fuel the pre-existing migration crisis by turning Turkey against the EU and vice versa.
The geopolitical tensions caused by the cynical hypocritical “Green Deal” of the EU are not limited to its southeastern borders. They are expanding to the northeast, where, for example, Germany and Russia are moving along the Nordstream2 pipeline, fostering dark business interests that boost both EU intra-European and international relations, increase the likelihood of military conflict and, in addition to environmental damage, costs to the people of the region.
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During the recent intensification of the global capitalist economic crisis due to Covid-19, the Eurozone suffered the largest decline in investment (50%), the largest flight of capital (€500 billion) and the largest increase in the “output gap” (i.e. the difference between the total product we could produce and that produced) relative to the US, China and the UK. Moreover, intra-European imbalances (which had already grown before and after the euro crisis) increased exponentially. However, the EU has administered the smallest fiscal stimulus in the strongest economic regions of the world and done the least to boost investment – relying almost exclusively on the so-called Recovery Fund, which is both macroeconomically insignificant and politically poisonous. As a result, the 2020s are projected to be Europe’s second lost decade in a row.
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European Green Recovery & Investment Program: The European Council should give the green light to the European Investment Bank to issue annual bonds of 5% of EU GDP, which the ECB says it will “support” in secondary bond markets. These funds finance a new European institution, the European Green Transition Works Agency whose main purpose is to create the European Green Energy Union and the elaboration of the EU’s Green Transition in general.