As no-confidence votes fuel the bloc’s market anxiety, Ursula von der Leyen’s agenda is at risk
EUROPEAN Commission President Ursula von der Leyen is less than a year into her second term in Brussels. Yet she has already run into significant trouble as she prepares to make the State of the Union speech on Wednesday (Sep 10), which will set the agenda for the European Union’s 450 million people, as economic storm clouds gather.
This is not just important for the future of Europe, but also the rest of the world, as the EU remains an economic superpower. The bloc is the world’s largest exporter of manufactured goods and services, and also the biggest export market for around 80 countries, including those in Asean.
Opposition to Dr von der Leyen grows
As Dr von der Leyen finalises the details of her big address, political instability in much of Europe’s core is growing. This is highlighted by two recent no-confidence votes: one in Brussels against her in July, and the other against the French prime minister on Monday. Long-term borrowing costs for the eurozone’s second-largest economy surged to levels unseen since the 2009 financial crisis, reflecting investor concerns about France’s fiscal outlook amid these developments.
