Twelve years ago, EU summit leaders announced they had a strategy to tackle unprecedented migrant arrivals.

Next week, they will meet again in Brussels and to tell us something similar.

We journalists will report on the latest twists and turns, hoping to get some sort of angle that hasn’t been covered. But the reality is that our leaders have broadly failed.

Dozens of EU summit conclusions have been published since 2015, when one around million Syrians arrived in Europe to seek protection.

We need stronger external borders to preserve the Schengen passport-free zone, they said. We need partnerships with foreign states to save lives. We need to step up deportations. We need a European solution.

All of these ideas and strategies have found a home in council conclusions, in various iterations, since 2015. All of them.

Some have actually panned out, including an EU migrant swap deal with Turkey and other deals with autocrats in Tunisia, Egypt and elsewhere. Others like internal reforms on asylum have also been delivered.

Yet the sense of urgency to tackle these issues continues because there is an obvious disconnect between what has been delivered, the promises made and the lived experience on the ground.

People still come. Some 80,000 arrived in the Spanish enclave of Ceuta end of July alone.

Many are still fleeing violence, war and economic hardships. Others are lured by the promise of labour in Europe by Europeans willing to exploit them.

I remember meeting a group of boys from Bangladesh on the Ocean Viking, freshly rescued in the middle of the night, asking when they would be able to start working in Italy.

One of them was still shaking with fear and sobbing, following a near death experience.

The European Commission is now claiming that the drop of irregular arrivals is due to their migration policy reforms, as if the fall of the murderous Assad regime in Syria had no discernible impact.

Perhaps some of that is true. But there is no disputing that Syrians accounted for over 100,000 irregular crossings in 2023, a year before Assad fell. It then dropped to around 6,000. Today, it is around 1,000, according to Frontex.

At some point, one has to wonder if these conclusions, repeated ad nauseam, is nothing but political theatre by a leadership that has run out of ideas.

French borrowing costs are surging and central bankers are starting to fret. Some of them, at least.

The head of the French central bank, Emmanuel Moulin, told the Financial Times that his country risks being “strangled by interest rates”.

The best solution, he made clear, was for the French government to cut costs and reduce the deficit, which, in an unchanged scenario, could reach upwards of six percent next year.

Last week, the French minority government proposed €43bn worth of cuts for 2027. But pushing them through parliament is a tall order in a divided country.

Meanwhile, investors are dumping French bonds, pushing up French government borrowing costs compared to German benchmark Bunds. This is already immensely costly to French society.

“In three weeks, we’ve lost the equivalent of €15bn a year in higher debt-servicing costs over a 10-year horizon, or almost €100bn cumulatively over 10 years!”, French economist Shahin Vallée said on social media last week.

The gap, or spread, between French and German bond yields, historically around 50 basis points (0.5 percentage points), was 109 basis points when he wrote it on Wednesday. It is now 30 points higher.

Spreads are a crucial marker for financial stability because they show how nervous investors are. The bigger the spread, the higher the perceived risk.

And France’s parabolic bond spread is already bringing back unwelcome memories of the eurozone crisis in November 2011, when the spread reached 200 basis points.

Bypass parliament?

The question is what to do about it, and who is best positioned to act. The French government could bypass a parliamentary vote or push through the budget by ordinance, under articles 49.3 and 47 of the constitution, respectively.

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Having said several months ago that he had no intention of a ‘rerun’ of the Brexit debate, UK prime minister Andy Burnham told Labour delegates at the party’s annual conference in Liverpool last week that nothing should be off the table as far as EU-UK relations are concerned. 

Brexit had “done more harm than good”, he said, adding that “we will not give Britain the clear path we need into the rest of the century until we decide on a long-term relationship with what is still our largest market.” 

In fact, Britain could “go all the way” back into the EU, said Burnham.  

The new prime minister is still enjoying something of a honeymoon period. His Labour party now tops the opinion polls, albeit by less than 30 percent, and his early policy announcements on nationalising utilities and pension reform are the most radical in a generation. 

Even so, Burnham’s remarks were a surprise that left pro-European columnists positively giddy with optimism over the weekend. 

In truth, rejoining the EU – if it happens – would probably take a decade. 

Burnham didn’t offer any timetable or any other specifics, and has said that no moves towards EU membership would be taken before the next UK election due in 2029. And talk of rejoining the EU is not purely borne out of pro-European enthusiasm. 

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