EU banking system ‘teetering on collapse’ as Brussels struggles to maintain control
EU banking system 'on edge of collapse' says Longworth
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Director-General of the think tank Centre for Brexit Policy John Longworth argued that Britain is now free of the future economic issues of the bloc. While speaking to Express.co.uk, Mr Longworth insisted that the EU banking system continued to prop up countries that are economically burdensome, like Italy and Greece. He added this would cause serious issues in a post-Covid world.
He added that Britain would now be free to thrive economically without the constraints of the EU going forward.
Mr Longworth said: “The European Union is a busted flush.
“The banking system in Europe is always teetering on the brink of collapse.
“Italy is effectively a bankrupt country and it is all being propped up by the European central bank printing money and the German central bank underpinning that.
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“That can’t go on forever and Britain, by comparison, has detached itself from that.
“The UK can now achieve super economic growth if the Government adopt the right policies.
“If we get 3 percent annum growth in the economy post-Covid that will be at world average levels.
“Therefore, Britain will continue to be a rich country rather than have long-term economic decline which is what the European Union faces at the moment.”
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The economic recovery of the EU has been thrown into doubt due to the bloc’s inability to get a firm grasp on the coronavirus crisis.
In addition to this, the third wave plaguing many member states has resulted in further confusion as to what the future holds for Europe.
Due to Brussels slow vaccine rollout, Quintet Private Bank CIO Bill Street warned the European Union’s economic recovery could end up being six months behind the US and UK.
While speaking on CNBC he said: “The news about the efficacy of the vaccine is great.
“But ultimately it all comes down to actual programmes of inoculation.
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“What we are seeing here is that we have got the US and the UK that are motoring on incredibly efficiently.
“But we have this administration with a poor rollout in Europe.
“The problem with that is that there is a high correlation between the inoculation or vaccination rate and opening up with a real economy.
“We are cautious about the Euro bloc because it feels like it will be six months behind the rest of the world or at least the rest of the G10.”
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