The EU had two assets I have always considered un­assailable, however much I may have questioned various decisions. The first is a lack of alternatives. How else can Europeans confront climate change, a refugee crisis or an over-assertive Russian president if not through the EU?

The second is the moral high ground. Compared with the majority of its member states, the EU is less corrupt, more principled and rules-driven. Whereas the world of national politics is full of tacticians out to seek short-term gain, the bloc manages a better mix of politics and policies. It builds broad coalitions and formulates strategic policy objectives. Its horizon extends beyond the life of a parliament.

Within a few years those assets have been demolished. The mismanagement of the eurozone crisis made it possible to formulate a rational economic argument for an exit.

Then, on Friday the EU lost its other key asset. The deal with Turkey is as sordid as anything I have seen in modern European politics. On the day that EU leaders signed the deal, Recep Tayyip Erdogan, the Turkish president, gave the game away: “Democracy, freedom and the rule of law . . . For us, these words have absolutely no value any longer.” At that point, the European Council should have ended the conversation with Ahmet Davutoglu, the Turkish prime minister, and sent him home. But instead they made a deal with him — money and a lot more in return for help with the refugee crisis.

Turkey will relocate some 72,000 refugees to the EU — a one-for-one swap for every illegal immigrant whom the Turks pick up on smuggler boats in the Aegean Sea. In return, the EU is paying Turkey €6bn and opening up a new chapter in EU accession negotiations — this with a country whose leadership has just abrogated democracy. The EU is further set to allow visa-free travel to 75m inhabitants of Turkey. The EU not only sold its soul that day, it actually negotiated a pretty lousy deal.

David Fuller's view

Waning confidence in the EU and Brexit possibility create uncertainty headwinds for Europe.  This is likely to deter buyers and attract more bearish sentiment as June approaches.

Here is a PDF of Wolfgang Münchau's article: