Mircea Vasilescu on a torn Europe

In the weekly Dilema Veche, Mircea Vasilescu analyses the effects of the global financial crisis in Western and Eastern Europe. "The borderlines between 'old' and 'new' Europe, between the West and the East, that seemed to have been forgotten are there once more. This time it is not a matter of more or less abstract fears but of concrete economic and financial aspects. Everyone should leap to save what they can. This seems to be the name of the game at present, despite all the summits at which attempts are being made to cobble together a common European strategy for tackling the recession. With the exception of the European Central Bank, which is fulfilling its tasks very efficiently, the EU, despite its far-reaching network of institutions, lacks the authority necessary to impose a plan on the member states. And even though we agree on certain rules and measures, the differences between the individual states are obvious, above all between West and East. Unemployment, inflation and unbalanced budgets will affect every country to a different extent. The problem is that in the new democracies of Eastern Europe, which are still fragile and unruly, the recession will have more serious consequences [than in the West], including political repercussions. Populism could attract new followers and the number of Eurosceptics could swell."

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