As the European Union looks to emerging nations, and especially to China, to invest in its teetering finances to calm panic over the bloc’s massive debt crisis, anxiety is growing about the cost and consequences of such a bailout. In France, many on both sides of the political spectrum worry that they will lose some sovereignty.
What’s the Big Idea
Behind much of the anxiety is “a lot of mystery” about China, with what people see as an underdeveloped country coming to save them or a triumphant China conquering everything. China is expected to ask for improved market access in exchange for investment, and possibly a relaxation of an EU arms embargo, but the reality is that Europeans probably wouldn’t notice a major difference in their way of life after such a deal.