Coronavirus #3: We face “An international problem in a world of competing nationalisms:

[quote: Lindsay Hilson, Channel 4 News]: and it is nowhere more acute than in the EU (European Union). Here, every member country has pursued its own plan, uncoordinated with its neighbours and union members. From broader controls, to industrial economic stimulus, to healthcare planning, etc., each country has turned insular. And the banking systems is under pockets of extreme stress in the EU.

(1) Today, 6th April, 2020, we had expected a plan (albeit it circa three weeks since the first ECB liquidity plan) from the Eurogroup (finance ministers of 19 members of the EURO currency block) for the financial support of its members. It seems they can only agree to disagree.

(2) Tomorrow, the EU is supposed to bring a plan where all of its members (those int he EURO and the rest of the EU members) to act together, coordinate, help and support each other.

(3) It seems we are nowhere near a meaningful solution and that instead, we shall see a weak, fragmented and discordant response that will set back the EU, it members and the EURO many years … in short, it stands to lose its reputation in an instant, due to indecision and division on how to manage MONEY.

European Banks Prepared for a Crisis. But Not This One.
nytimes.com