Comments written by Prince Michael of Liechtenstein himself provide an informed viewpoint on crucial geopolitical issues. Sometimes challenging and always thought-provoking, these brief commentaries take a stance that stimulate debate.
Think of the unthinkable
For nearly two decades, the EU’s common currency system has worked wonders for internal trade. The euro has strengthened Europe’s financial position in the world. However, many government and EU leaders, and the European Central Bank have colluded in circumventing the system’s key safeguards. Today, the unmanageable levels of sovereign debt threaten to tear up the eurozone and trigger state bankruptcies.
Dark clouds gathering over the global economy
We are probably coming to the end of a global economic recovery. But with interest rates still hovering around zero, central banks will have no ammunition to fight a recession. Meanwhile, debt is high and more trade barriers are going up. The underlying causes of global economic imbalances, and not just the symptoms, must be addressed.
Before leaping at the opportunity to question the results of Sunday's election in Turkey, politicians and media in Europe and the United States would do well to consider the basis of President Recep Tayyip Erdogan's appeal. Until Western leaders take into account Turkey's emerging regional role and interests, they cannot hope to have any influence on its politics.
Europe’s data regulation conundrum
The European General Data Protection Regulation (GDPR) came into force last month. In general, it is heartening that the EU is taking individual privacy seriously. But for all of the bureaucracy created by the regulation, it doesn’t address the biggest danger: government abuse of personal data
Italy’s new coalition – a necessary disruption?
The coalition government finally announced by Italy’s two euroskeptic parties is being bemoaned in Europe as right-wing and populist, turning Italy into a threat to the entire eurozone. But its predecessors in Rome were the ones who put the country in its current financial quandary.
Is the North Atlantic partnership in danger?
Over the past couple of decades, Europe has been quick to criticize the United States – especially when the man in the White House was not someone to European leaders’ liking. Nevertheless, Europe has not shied away from accepting U.S. protection. This hypocrisy is taking a toll on the Western alliance and undermining European and American interests around the globe.
EU budget plan offers progress and pitfalls
The European Commission is finally taking steps to trim unproductive spending in areas like agriculture in its budget framework for 2021-2027. But while the new emphasis on fighting waste is promising, the fiscal plan also contains troubling proposals. One of the most disturbing is to reduce cohesion payments to countries that violate European "values," based on the arbitrary interpretations of the Commission and a few powerful member states.
What to expect of North Korea?
Faced with an assertive U.S. military and diplomatic response to his latest tests of nuclear weapons systems, the North Korean ruler has changed his tack. Kim Jong-un now says he is ready to give up his nuclear deterrence and make peace with South Korea. Seoul and Washington are happy to explore this opening, but Beijing and Moscow, both interested in maintaining status quo in the Korean Peninsula, are more apprehensive. There is also the question of Mr. Kim’s true intentions.