from Zero Hedge
Authored by Antonis Giannakopoulos via The Mises Institute,
In the wake of the economically disastrous covid-19 shutdowns, the political class has desperately tried to save the failing euro system. On July 21 European leaders agreed on what they called a “historic” deal. It was nothing more than a multitrillion euro stimulus package. However, it is more probable that the “recovery fund” will delay any chance of a much-needed economic restructuring taking place. What it will do is waste scarce resources and capital while setting Europe up for another financial and debt crisis. Another even more important issue is the dangerous path toward political centralization the EU is heading down as a result of the crisis. The European Parliament is very much dominated by pro-centralization forces and contains few individuals who defend the principles of decentralization and economic freedom while seeing with great concern the ever growing power of Brussels.