Geopolitics of the European Corona emergency fund

Although the emergency package is only a first step towards a permanent transfer union, there is more than meets the eye. The package may also cause geopolitical relations in the world to shift. It can give substance to European geopolitical ambitions. To clarify this, we have to pay attention to the changing financial and political role of the United States in the world.

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Not a banking crisis, but a dollar crisis

The world economy was in a bad shape in March 2009. In the eighteen months before that, the economy took beating after beating. What started as a housing crisis in the United States, turned into a bankrun among banks and a financial crisis like the world had never seen before. Central banks pulled out all the stops to shore up banks and the financial market, but each time a different financial bomb exploded in the system. Only after bail-outs by governments – taxpayers – the markets stabilized.

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