But the fact that this scenario has become a possibility shows the urgency of devising policies and strategies to reignite the European project (which is the main target of the likes of le Pen in France and Farage in the UK). This means reactivating the economy in a sustainable way, under the guidance both the European Commission, the European Central Bank and the main national governments. But it also means devising a shared strategy against populisms and nationalists, which threaten to lead the European Project to a terminal crisis. And that would mean finishing the single project that has made possible decades of peace and prosperity after centuries of violence and fragmentation. If the likes of Farage, le Pen, Orban, Grillo and the rest of nationalists and populists keep advancing in the popular vote, what is today the European Union may look more similar to the Balcans or the Middle East, a prospect we thought we had left behind forever.
Credit Supply and Housing Speculation
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