Matthew Lynn

Ursula von der Leyen and the EU owe Italy more than an apology

Italy’s hospitals have been overwhelmed. Its mortality rate is among the highest in the world. Its economy has cratered, its bond yields have soared. And it is starting to drown under the weight of its accumulated debts. But, hey, at least the EU commission president Ursula von der Leyen feels sorry about the way Italy has been treated, and is willing to apologise. But hold on. The truth is that Italy has been shamefully neglected by the rest of Europe and it is owed far more than a few crocodile tears. 

Speaking to the European parliament today, von der Leyen, a woman who is achieving the almost impossible task of making Jean-Claude Juncker look like a master of political communications, admitted that as the coronavirus ravaged Italy, it had not seen many of the benefits of ‘more Europe’. It was, she said, ‘true that too many were not there on time when Italy needed a helping hand.

Written by
Matthew Lynn

Matthew Lynn is a financial columnist and author of ‘Bust: Greece, The Euro and The Sovereign Debt Crisis’ and ‘The Long Depression: The Slump of 2008 to 2031’

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