The EU’s green deal is a colossal exercise in greenwashing | Yanis Varoufakis and David Adler

Ursula von der Leyen's signature proposal co-opts the slogans of climate activism, but has none of the substance

Emergencies tend to reveal our true priorities. When our house is burning down or the storm waters are flooding in, we hold on to what we value most, and leave the rest behind.

A decade ago, the leaders of the European Union found themselves facing such a moment. With the French and German banks falling into a black hole, they did whatever it took to save them. Between 2009 and 2013, European governments channelled a1.6tn (1.36tn) to Europe's bankers, while imposing stringent austerity upon the European citizens they pledged to serve. When in 2015 they realised that more support was necessary, the European Central Bank printed a2.6tn over just four years.