Debt policy and migration crisis
Observers are very concerned about the economic development in the euro area. The already very high trade deficit of the Eurozone widened again in July compared to the previous month by 8.1 billion euros to 40.3 billion euros. This is by far the highest foreign trade deficit since the currency area was established in 1999. Besides the high prices for energy imports, the currency development of the euro plays an important role. Due to the weak euro  , energy imports
invoiced in US dollars are tearing an ever larger hole in the balance of trade. At the end of the fourth quarter of 2021, public debt
as a percentage of GDP was 95.6% in the euro area and 88.1% in the EU. Against the background of further, enormous spending by EU member states on economic and social aid, this situation will deteriorate further.
In addition, there are the burdens on the member states due to the support for Ukraine. Commission President Ursula von der Leyen put the financial contributions made so far - without military aid - at 19 billion euros. It can be assumed that due to state liabilities and guarantees, the burdens on the member states are actually much higher.
These figures do not include the expenses for all those Ukrainians who enjoy temporary protection in an EU country: that is about 1.4 million in Poland, 660,000 in Germany, about 431,000 in the Czech Republic, 154,000 in Italy, 142,000 in Spain, 134,000 in Bulgaria. For the sake of completeness and good order, it should also be mentioned here that, according to official UNHCR
figures, the Russian Federation has taken in almost 2.6 million Ukrainians.
In addition, a renewed rush of migrants is burdening the EU member states: from January to August 2022, 115,402 initial applications for asylum
were received in Germany
, an increase of 35.4 % compared to the previous year. In Austria, according to the Federal Ministry of the Interior, there were already 56,000 in the same period. An analysis published by the European Union Asylum Agency (EUAA
) shows that in the first half of 2022, around 406,000 asylum applications were made in the EU countries
(including Switzerland and Norway), which corresponds to an increase of 68 % compared to the same period in 2021. The fact that the societies of the member states are increasingly less willing to follow the migration policy of the European elites against the background of inflation and growing national debts is shown by the examples of Sweden and Denmark. It can be assumed that other states will follow suit here as well.  Within just one year, the value of the euro fell from 1.2 US dollars to 0.99 US dollars.