The economic crisis in the EU is a result of Brussels continuously kowtowing to its “American overlord,” the Russian president says
The current economic troubles in the EU, and the unfriendly attitude displayed by the US towards Europe, are a direct consequence of the weakness shown by the union’s leaders, Russian President Vladimir Putin said on Thursday. He made the remarks during a meeting of Russia’s council for strategic development and national projects.
“Today, the EU authorities themselves say the policy of their main partner, the US, is leading directly to the de-industrialization of Europe. They are even trying to complain about that to their American overlord. Sometimes there are even words of resentment: ‘Why are you doing this to us?’ I want to ask: ‘What did you expect?’ What else happens to those who allow feet to be wiped on them?” Putin said.
Earlier this month, European Commission President Ursula von der Leyen sounded the alarm over US economic policies, urging the EU to “take action” if it wanted to be able to compete with the US government-subsidized green industry. Von der Leyen blasted the tax breaks for consumers who buy American products, introduced under the Inflation Reduction Act (IRA), signed by President Joe Biden in August. She warned that such initiatives could “lead to unfair competition, could close markets, and thus fragment critical supply chains.”
Other top EU officials have repeatedly voiced concern about an impending recession and potential decades-long deindustrialization. Early in October, Belgian Prime Minister Alexander De Croo said that unless Brussels were to somehow fix the situation with soaring energy prices, it was “risking massive deindustrialization of the European continent and the long-term consequences that might actually be very deep.”
The economic crisis in the EU largely stems from the bloc’s own actions, targeting Russia with a multitude of sanctions over the Ukraine conflict, Putin noted.
“What exactly has Europe itself achieved by imposing the restrictions? First of all, there has been an unprecedented, as economists say, jump in inflation in their own home, the eurozone. In November, it amounted to 10% in the eurozone as a whole, with some countries showing extreme figures of more than 20%, even 25%,” Putin noted.
At the same time, the collective West, unlike Russia, continues its efforts to grab any resources for itself, the Russian president stated. “Unlike Western countries, which shamelessly pull all of the blankets for themselves, Russia helps the poorest states in Africa, Asia and other regions, delivering food and other goods,” he said.
December 15, 2022 at 09:03PM