They laughed when the UK decided to leave the European Union, they continue to mock ongoing discussions but if events in Italy and Spain are anything to go by, the UK was the first to jump from the sinking ship. Eurozone officials will continue to paper over the cracks, suggest there is nothing wrong and take a high and mighty attitude to the U.K.’s ongoing Brexit talks. However, under the surface there are serious concerns that the Italian and Spanish electorate are ready to jettison the Eurozone project and “go it alone”. If Italy falls, expect problems in Spain, is Spain falls then we can expect problems right across the Eurozone.
Today’s headlines seem to suggest that the new Italian government is backtracking a little on threats to leave the European Union. Spain has also appointed a new Prime Minister in double quick time. However, do not be fooled into thinking the trouble is over, the European political scene is starting to show big divisions.
Totally agree - the EU political system is in a mess. There WILL be more members leaving the EU and there will be massive pressure on the Euro in the days, weeks and months ahead.
Could it be that the European Union is flexing its financial muscle behind the scenes to force a rethink in Italy and Spain? We only need to look at Republic of Ireland during the financial crisis when there was a vote against the European Union. How did the European Union respond? Simply by throwing more money at the situation and hey presto the vote was overturned.
This is simply papering over the cracks as there are fundamental issues which the European Union needs to address but appears reluctant to do so. I agree, the European Union must be using their powers of persuasion behind-the-scenes to get the Italian government to back down from a full-blown withdrawal from the EU. However, it is only a matter of time!
