Recently there’s again been talk of a two-speed Europe. During the mini-summit two weeks ago, Merkel, Hollande, Italy, Rajoy, gave the green light to this latest spin. The Spanish PM has said the country would be at the nucleus of this.
MADRID | By Julia Pastor | Expressions such as “two-speed Europe”, or “the gap between core and peripheral European countries” have been hitting the headlines for ages. The reality is that state members have never grown at the same pace and they are not likely to ever do so. Expectations about the end of crisis suggest that not all of them will exit at the same time; imbalances will continue one way or another. British economy could reach 2008 pre-recession growth peak next summer, while EU members like Italy, Croatia or Slovenia may see imbalances increase. Germany’s eagerness for saving and also investing out of Europe could postpone the problem.