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"Be Right - Sit Tight"

Jesse Livermore
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Gold Market Wire

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EU Debacle over CoronaVirus Response Claims top EU Scientist

April 8, 2020 - (Gold Market Wire) - The EU's top scientist has resigned after just three months into the job, citing bureaucratic infighting and ineptitude as the reason for his departure.

"I have been extremely disappointed by the European response to Covid-19... I arrived at the ERC a fervent supporter of the EU [but] the Covid-19 crisis completely changed my views," the FT reports him as saying.

When he starting working directly with the EU President, von der Leyen, on crafting a response to the virus, his side-stepping of the bureaucracy created "a political thunderstorm", he said. “The proposal was passed on to different layers of European Commission administration, where I believe it disintegrated upon impact.”

Another day, another "turf war" in the EU where nothing gets done.

As the FT has reported, "EU officials said other members of the ERC’s Scientific Council had disagreed with Prof Ferrari’s idea to focus the body on short-term pandemic response, arguing other EU structures were better placed to do this. The commission had tried unsuccessfully to broker a solution."

None of this is going to help the development of Corona Bonds, which are starting to look like the EU's last chance to retain political relevance.

And none of this is going to help the case of the Euro, which looks to be more and more a currency without portfolio with each passing day.

The "Corona Crisis", which should have brought the EU into focus, and created a rare shining moment of co-ordination and common interest, seems now to be its very undoing.

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