BRUSSELS, August 15 (RIA Novosti) – In the middle of their summer break, EU foreign ministers will gather for an extraordinary meeting to discuss a response to Russia’s EU food imports ban and aid for Iraq. Of the 28 EU foreign ministers, 20 are expected to attend. This will be the first opportunity for them to discuss Russia’s decision to ban food and agricultural imports from the EU in response to the Western economic sanctions. The EU representative stressed that discussing new sanctions against Russia is not on the agenda. “With regard to a new round of economic sanctions, I think it is a little bit too early at this stage,” he said.
The problem with the EU is that decisions made by France, Germany and the UK will be affecting the economies of Poland, Italy and Spain. I cannot see the sanctions route has having any effect unless it involves direct currency investment.
There has been such a political outcry led by the US against Russia that the European allies had to follow. Sure they will suffer economically, and financially but what choice did they have. They would appear as hypocritical fools had they not joined in bank sanctions. How will their actions affect the Euro? How will those sanctions affect the US dollar, and oil prices?
First off, the formation of the EU was a bad idea. Too many countries with different economies, allies, and interests. I don't know what the economists and politicians were thinking when they came up with this one. Anyway to answer your question... I think they did shoot themselves in the foot. If we want to take a high moral ground, we can say it was worth it. Standing up to a bully is always good. But it also always has its consequences. You're bound to get a bloody nose and black eye. It's something that should have been expected. Now, if we take away the high moral ground, and this all comes down to flexing muscles, we should have left Russia and Ukraine to fight it out. The same way we turned our heads when China took over Tibet, is the same thing we should have done in this situation, just like other countries have done for the US.
The UK has been part of the EU since around 1972. There was a referendum on it. Much later (circa 2000), UK opted to keep its own currency rather than adopt the euro. I thought that a bad idea at the time but have since been proved wrong on that. A referendum is proposed next year or the one after on whether to remain within the EU.
Sanctions only work when you are not dependent on the other country for anything important to your economy. EU sanction were not well thought out..for it have been effective they should have been more drastic and be on things that will seriously affect the Russia people.
Sanctions are really the most anti-capitalistic move a country (E.U is pretty much a country now) can make. Should everyone put Sanctions on the United States for occupying so many countries? Should we put sanctions on China since they don't support freedom of speech?
