Henrik Müller, a columnist at Der Spiegel, admitted that the EU countries had to deal with the polycrisis, a severe economic downturn unleashed by soaring energy prices and protracted weakness of the single European currency. All in all, the European economy is suffering the most violent upheaval since World War II.
Giving arguments for his viewpoint, Henrik Müller explains that in essence, the current polycrisis comprises a threat of nuclear escalation, explosions in gas pipelines, and cyber attacks on Western government institutions and infrastructure. Besides, rampant inflation adds fuel to the fire which is to blame for sky-high food prices and utility bills. As a result, Europe is going through an apocalyptic challenge which has not been seen since the times of World War II, the columnist pointed out.
According to his reasoning, the EU authorities would rather adopt the policy of tight integration which could be the solution to the crisis. The analyst reckons that the EU leaders should not rely on their partnership with the US. He is certain that Washington will be hardly able to lend a helping hand to Europe in the foreseeable future. The current geopolitical situation is driven by the confrontation between powerful political forces. Under such circumstances, the only way out for the EU is to move on. The tight integration is sure to bear fruit, Henrik Müller added.
On December 18, Bloomberg unveiled its estimates of the damage inflicted on the EU economy by the global energy crisis. The damage is roughly estimated at $1 trillion but the amount will be revised because the economic collapse has not bottomed out yet. Analysts warn that turbulence in the European energy market will not calm down until 2026.
