Business bankruptcies in EU at highest level since 2015
Jerome Hughes
Press TV, Brussels
It seems everywhere you look in Brussels, the EU's de facto capital, shops have closed down. The European Trade Union Confederation, ETUC, says business bankruptcies in the EU are at their highest since 2015. Sanctions against Russia over the war in Ukraine are ensuring inflation remains painfully high. Citizens say prices continue to rise.
The ETUC warns the European Central Bank risks throwing the eurozone into a deep recession through its policy of continuing to increase interest rates in an effort to control inflation.
Trade Unions say wages and working conditions in the EU are deteriorating at a time when the cost of living remains extremely high. They say, millions are struggling to put food on the table while food and energy companies make record profits as a result of price speculation.
Another threat to the EU's economy relates to skills shortages. The European Commission has just launched yet another plan designed to overhaul the 27-nation bloc's education and training systems, to meet the needs of this digital age.
But experts say high borrowing costs due to rising interest rates are the main factor stifling business growth right now. It's suggested failed Western efforts to try and punish Russia have backfired.
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