EU Dinosaurs Are No Longer in Control
Feb. 21, 2017 (EIRNS)—The anti-human European Union system is no longer in control, as member countries increasingly take national decisions and defy Brussels’ and Frankfurt’s so-called authorities. EU institutions react by becoming more aggressive against such countries, which only accelerates the disintegration of the EU itself.
Two recent cases highlight this condition: the Hungary-China agreement for the Budapest-Belgrade high-speed railway, and the Italian decision to defy EU bail-in rules and establish a national safety net for the banking system.
The EU Commission is barking up the New Silk Road:
The EU Commission has opened an investigation into the Belgrade-Budapest high-speed railway, a 350-kilometer line which is a strategic section of the Eastern European route of the Belt and Road Initiative strategy. The EU is particularly focusing on Hungary, a full member of the EU, and less on Serbia, which is not subjected to strict EU rules. China Railway International Corp. is the contractor, and the Export-Import Bank of China is the financier.
The EU is probing whether the contract has violated EU laws which establish a mandatory public tender for large deals. The Hungarian government said it had signed the contract with China after having consulted with Brussels.
"The railway is a big part of the One Belt, One Road project," said Tamas Matura, assistant professor at the Corvinus University in Budapest. "The Hungarian section is supposed to serve as a masterpiece to show that the Chinese can build according to EU standards." The line will reduce travel time from eight to three hours and will be the link between the Chinese-owned port of Piraeus, in Greece, and Central and Eastern Europe.