Loaded banks
Since the 2008-2012 financial crisis, a big problem in the European banking sector was that too many banks continued to carry the burden of loans they had made and which had become dud. Borrowers could no longer pay the interest due, even less the capital repayments outstanding on the loans.
Yet, banks continued to post such loans in their books: cancelling them would have implied a corresponding financial loss that would have cut into their profits.
Even so, it was hardly possible to go on carrying these loans – dubbed NPLs, non-performing loans – for ever, as if they were an ongoing business activity, though quite dead.
Today, the problem remains on the agenda.
The fear was that it would explode with the Covid-19 crisis. As of now it appears this has not been happening but some claim it is likely to occur soon.
Ironies
The disgusting story discovered in Canada about children of the Inuit and other “Indian” tribes who were transfered to boarding schools run by religious orders, where they died in droves, is a real shocker.
The children were forcibly taken from their families to be given an “education” according to European norms. No account was ever given regarding how this deadly system was being run and it was kept going for long decades.
It is impossible that many people did not know about it. That they did not speak out against it, and even considered what was happening as acceptable, just makes the whole story more shocking – and this apart from the involvement in the whole affair of religious personnel.
True those were other times, with different standards by which to judge what was permissible and what was out of bounds. And it did not happen only in Canada; in Australia as well...
Ironies never cease. The children of the people responsible for those atrocities now proclaim the rights of man.
Changes
All societies develop through continuous economic and social change. Even societies which are seen as unchanging... like communities of the Middle Ages for instance... actually were dynamic and were subject to ongoing adaptation. The memory of how this happened was perhaps lost or the changes could not be remembered clearly. So the fable of “frozen” societies became current.
It was always taken as a sure thing though that changes – no matter where they happened and no matter who got them going – would in the end contribute to the greatest good for all, so long as they remained under human control and direction.
The optimism that some continued to show for change was based on this belief, even if most people dislike change and would prefer to let everything stay the way they found it. Up to now, the rate of social and economic change has continued to increase.
The emergence of digital technology further accelerated the pace. The suspicion arises that changes are occurring at a faster rate than we can reasonably absorb. Should we really worry if this were the case?
Digital crimes
Cases of internet fraud, theft and sabotage are increasing exponentially. Big and small firms, governments and individuals have all been targeted. Such crimes need to be rolled back at all costs.
Meanwhile too however, the sure and easy availability of internet service must be guaranteed to all those who wish to access them. It is a micro problem (for individuals or companies) as well as a national and European one. Many of the contacts, messages and transactions that are carried out under e-mail or Facebook cover, for instance, could overnight be subject to attack.
How can we face up to this threat which week in, week out, continues to grow, not just in terms of the number of cases, but equally by way of the technical sophistication with which attacks are launched? – that is the question.
Given how human relations have been developing – not least since Covid-19 made an appearance – national responses will not be enough. There is a need for effective tools to be designed on a European scale, for it is from that basis, indeed even wider, that attacks have been mounted.
European Certificate
As of last week, the European anti-Covid vaccine certificate came into effect. Let’s hope that the implementation of the measure is a success in all EU Member States, including Malta. The agreement on its introduction made good sense.
I totally disagree with people who consider the certificate as a limitation on the liberties of which the EU is a guarantor. They insist that in fact, given its very existence, it serves to curb the free circulation of persons in Europe.
One would believe that when a health emergency arises like the one we have been facing, causing the death of thousands of people, there should be no argument about it being acceptable in striving to control a pandemic, to suspend certain freedoms. As a state of fact, the certificate will be facilitating the free circulation of people in Europe under the Shengen system that was greatly undermined during the months when Covid-19 was spreading.
Homosexuality
The EU has done well to insist that all Member States respect its basic values that guarantee the equality of all its citizens as well as all their civil rights.
No doubt, Hungary is threatening the civil and other rights of the homosexual community with the laws that it recently introduced. They go totally against the Union’s fundamental values and one can only agree that European leaders should protest directly with the Hungarian government and make it clear that it cannot continue allowing the present situation to persist.
It is hardly surprising that some have declared Hungary should leave the Union if it can no longer endorse its profound values. That is quite evident.
Still, before getting to this point, more discussions should be held with the Hungarian government. All sides would benefit if the problem were to be solved by Hungary agreeing to withdraw legislation that tarnishes its image.