zerohedge.com / by Tyler Durden / 09/09/2015 10:48
On Tuesday evening, we took a preliminary look at what the EU’s worsening migrant crisis might mean for the receiving countries in Western Europe. In short, Goldman has suggested that “in order to maintain current levels of retirees/working age population ratios in 2025, immigration rates in Western Europe need to be 7x-8x higher than current run rate (based on UN estimates).” That, coupled with country-specific considerations, could mean that there is indeed a silver lining to what has generally been portrayed in the media as a disastrous people flow that threatens to undermine EU solidarity and strain EMU budgets.
Regardless of how one chooses to view the situation, it’s clear that Europe desperately needs to put together some manner of coherent strategy lest an abject failure to adequately address the droves of desperate asylum seekers should go down in history as (another) black mark upon the EU’s record which is already stained by the Greek bailout debacle and, in the case of EMU nations, general concerns about the viability of the entire euro project.
On Wednesday we got a look at Europe’s latest attempt to establish a quota system, a day after German Vice Chancellor Sigmar Gabriel said his country could take at least 500,000 asylum seekers per year. Here’s WSJ with the admittedly sparse details of the ad hoc “plan”:
The European Union on Wednesday proposed redistributing 160,000 refugees across the bloc and speeding up procedures to send back those who don’t qualify for asylum, in a bid to improve a stuttering response to the largest wave of migration on the continent since the aftermath of World War II.Germany’s Chancellor Angela Merkel, who has been pushing for an EU-wide plan to take on the crisis, called the proposal a good start, but said it doesn’t go far enough to address the continuing flow.
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