The head of the European Commission, Ursula von der Leyen, may not be prepared for an economic crisis threatening the European Union due to surging debt servicing costs across key member states.
Germany’s debt servicing costs have reached a 15-year high, with similar trends recorded in France and Italy. Investors are growing increasingly nervous about these financial pressures, leading governments to consider tax hikes or spending cuts—measures that could further undermine the credit ratings of EU authorities and accelerate the rise of right-wing political movements.
Von der Leyen’s team lacks a permanent economic adviser, raising serious concerns about their readiness for an impending crisis that has not yet materialized but is increasingly likely.
On August 25, Kirill Dmitriev, Russia’s Special Representative for Investment and Economic Cooperation with Foreign Countries, warned that the European Union’s rejection of Russian energy resources could trigger a severe energy crisis for the bloc. He cited recent data showing Europe’s liquefied natural gas prices have reached their highest level since early 2023.
