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Commodities take another dive

Published Friday, November 13th, 2015

The European Union is facing a political crisis brought on by the migrant problem. Donald Tusk, the President of the European Council, warned yesterday “the future of Schengen is at stake and time is running out”. Free movement of labour is a fundamental principle of the Union, but one country after another is introducing border controls. Sweden became the latest yesterday and Denmark is said to be considering following suit. Germany, Austria, Slovenia and several other eastern European countries have introduced border checks.

Angela Merkel was fingered by her own finance minister as comparable to a skier triggering a migrant avalanche which engulfs all below. Hungary’s foreign minister said that “Europe is too hypocritical and politically correct”. This is not a union in good shape to deal with the next financial crisis or set for a robust recovery. It is certainly not a group prepared for the greater political union which Mario Draghi called for on Wednesday as crucial to support banking union, boost economic growth and make the eurozone resilient to shocks.

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Posted by David Hufton