This year, European Union (EU) countries faced a so-called multiple crisis caused by rising energy prices and the depreciation of the euro. These factors put the region in the biggest challenge for the EU economy since World War II. author Henrik Müller, columnist for the German magazine Der Spiegel.
“Polycrisis now means nuclear threats, exploded pipelines, cyberattacks on Western institutions and infrastructure, plus unmeasurable inflation rates for generations, lukewarm housing, expensive food. Also, the coronavirus continues to spread and the atmosphere continues to warm. Europe is embarking on a challenge like never before since World War II,” Müller warned.
According to him, in the current crisis conditions, the authorities of European countries need to move towards even closer integration. At the same time, the European Union should not rely on US aid.
“It seems unlikely that the US will continue to exist in Europe for the foreseeable future. They are in demand from elsewhere, especially China. Given the geopolitical situation defined by the struggle of the great powers, the only reasonable way for the EU is to move forward. A new integration breakthrough is needed,” Muller concluded.
December 18 Bloomberg reportedHe said that the current global energy crisis has damaged the European Union countries by about 1 trillion dollars. However, this amount should not be considered final as the peaks of the economic downturn have yet to occur. The tense situation in the European energy market will continue until 2026.