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Germany is experiencing a paradoxical crisis. Germany is, on paper, flooded by… money. The federal government is in surplus. A tsunami of foreign money is flooding German banks. Families are saving. And even corporations hoard huge amounts of savings. So, why is the political centre not holding? Why are the major parties bleeding? Why is discontent, xenophobia and precariousness on a triumphant march?

In 2016, shortly before the EU referendum, Yanis Varoufakis warned that the UK was destined for a “Hotel California Brexit”: it could check out but it could never leave. The former Greek finance minister spoke from experience. In 2015, his efforts to end austerity – “fiscal waterboarding” – were thwarted by the EU (a struggle recorded in his memoir Adults in the Room: My Battle With Europe’s Deep Establishment).

On 17th October 2018, Valdis Dombrovskis, Vice President of the European Commission, addressed the Oxford Union in support of the motion that “the euro has never been stronger“. Today, Friday 16th November 2018, Steve Bannon is addressing the Oxford Union also.

Whether or not you agree with his politics, there’s no denying that Greece’s one-time Finance Minister, Yanis Varoufakis, offers a lot of food for thought to British businesses. The economist, politician, author and dedicated European reformer addressed our KPMG Executive Exchanges dinner in Leeds in late September. Theresa May, Brexit, Angela Merkel, deflation, the northern powerhouse, idle liquidity and Michel Barnier were all given the Varoufakis treatment in a thought-provoking analysis of the world as he sees it.

Chris Hearld, North Regional Chair

As the Brexit negotiations near crunch point, Theresa May is still battling to keep her party on side as she edges closer to a deal with Brussels. But is it possible to take on the EU in negotiations and win? One man who staked his political career on trying just that was the former Greek finance minister Yanis Varoufakis.

Last Friday, Yanis Varoufakis was in Italy to promote European Spring, a list of candidates standing across the continent in next May’s European election. The former Greek finance minister visited Rome just days after the European Commission had struck down the Italian government’s budget, sparking further rows over Brussels’ authority to curb member states’ spending. At his press conference, Varoufakis called for a “radical Europeanism,” as an alternative to both the populist right and the neoliberal center.

Ladies and Gentlemen, we are here because Italy is being torn by two destructive forces: Brussels and Salvini. By the failed establishment of Renzi-Merkel-Juncker-Moscovici and by the reckless, racist anti-European Salvini project.

Tragically, Brussels and Salvini are working very well together against the interests of Italians in particular and of Europeans in general.