Matthew Lynn is a financial columnist and author of ‘Bust: Greece, The Euro and The Sovereign Debt Crisis’ and ‘The Long Depression: The Slump of 2008 to 2031’
It didn’t order enough vaccines, spent too little money, dithered over authorisation and then lashed out at the companies making them. Over the last few weeks, the catastrophe of the European Union’s vaccine roll-out has become painfully clear to everyone. We are already starting to see the toll it is taking on the continent’s health,
Debts would be shared. The strong would offer a helping hand to the weak. Money would be raised at incredibly cheap rates to help countries recover from the impact of Covid-19, while at the same time building back a greener, tech-based economy. Last summer, as the epidemic engulfed the continent, the European Union took a
39 min listen
As the EU threatens a vaccine export ban, is their blind panic a sign of incoming crisis? (1:15) Plus, will a new Instagram account for teenage girls to report sexual assault restart a battle of the sexes? (18:05) And finally, what is it like to be one of the last British babies born under the
The Dutch city of Leiden has rarely played a dramatic role in European history. Quiet, rainy and tucked away close to the sea, it is in many ways the Durham of the Continent. It was besieged by the Spanish in the Eighty Years’ War, Rembrandt was born and worked there, Einstein taught intermittently at its
Boris Johnson might have started back-pedalling furiously. He might have tried to dismiss it as an off-the-cuff comment. And the spin doctor might have preferred it to have remained private. Even so, the Prime Minister was surely right when he told MPs last night that ‘greed’ and ‘capitalism’ gave us the Covid-19 vaccine. And rather than
The BMWs and Mercs will be banned from the autobahns. People will only have electricity when there is enough of a breeze to keep the windmills turning. And the factories will be on a three-day week, while the airports will be converted into organic farms. Most businesses, and of course conservatives of any sort, will
We have to rid the world of vaccine nationalism. No one is protected until we are all protected. And we need, above all, solidarity to fight a virus which by its nature does not respect borders or boundaries. Over much of the last year, European Union officials, led by the President of the Commission Ursula
Lots of self-promotion. An avalanche of leaks. Fiddly tax changes that always somehow turn out to be an increase, plenty of creative double counting, and heavy spending on marginal seats, all wrapped up in a package designed to effortlessly transport its author into Number 10. Remind you of anyone? It is of course Gordon Brown,
The contracts were badly drafted. The orders were late. Too few resources were made available for the scale of the task, and the regulators dithered and delayed. Even the most fanatical federalists such as Guy Verhofstadt have admitted the EU’s vaccine programme was little short of a catastrophe. But hey, what does that matter? Ursula
33 min listen
On this episode, Katy Balls explains how No. 10 infighting could lose Scotland, and reveals how Boris plans to get his side in order. (01:05) Matthew Lynn is next on the show, and tells the story of the Up Crash. (10:10) Craig Brown finishes the podcast, reading his review of a ‘dark portrait of sibling
Shops are boarded up. More than four million people are on furlough with little idea of whether they will have jobs to go back to. Global trade has hit levels last seen a decade ago, and government deficits are soaring, while most developed economies have seen output shrink by 10 per cent, a collapse not
They are monitored by the firm. They don’t have the option of working for other companies. And they are entitled to all the protections that come with being an employee. The Supreme Court today potentially blew up Uber’s business model, and the model of many other fast-growing ‘gig economy’ companies as well, with a ruling
It is a rant worthy of Nigel Farage in his pomp. One of the leading figures within the European Parliament has launched a blistering tirade against the Commission’s ineptitude in securing vaccines. The EU is a world leader in making inoculations, he points out. And yet there is a shortage of supply in every country
It was meant to be a special relationship. After the tumultuous Trump years, President Biden was planning to reset relations with the European Union, Inherently liberal, rules-based, and engaged with climate change, it would be a natural ally, and far more so than a UK still tainted by Brexit. The Biden team were no doubt
You have to navigate the tricky etiquette of what to wear for Zoom meetings. That little black box in the corner has to be rebooted from time to time when the wi-fi goes wonky. You have to make your own sandwiches instead of popping out to Pret. And there is a severe risk of hand
As non-apology apologies go, it was right up there with the best of them. Speaking to MEPs today, the president of the European Commission Ursula von der Leyen accepted that some ‘mistakes had been made’ in the procurement of vaccines against Covid-19. Apparently the Commission had been a little too late authorising some of the
The bankers would all move to Frankfurt. The hedge funds would all decamp to Zurich. The asset managers would be off to Paris and Dublin, and the lawyers, accountants and consultants would swiftly follow them. For much of the last four years since the UK voted to leave the European Union, it has been assumed
It might be a bit late, but the supply will come on tap eventually. France’s Sanofi has partnered with Pfizer to start manufacturing its vaccine. BioNTech has just bought a factory in Marburg, Germany from Switzerland’s drugs giant Novartis to retrofit into a vaccine plant. With plenty of money being splashed around, production will arrive
Valdis Dombrovskis could probably do without his moment in the limelight. His spell as prime minister of Latvia, a country with a population of 1.9 million, was largely successful, at least until the collapse of a supermarket roof in 2014 brought his coalition to an early end. Shunted off to Brussels, he worked quietly as
The German Army had to join a NATO exercise with broomsticks because they didn’t have any rifles. It’s special forces became a hotbed for right-wing extremism. Working mothers were meant to get federally-funded childcare, to help fix the country’s demographic collapse, but it never arrived, and the birth rate carried on falling. Every child was
