Quote:
Originally Posted by Ethersync
Hot off the press...
Economic crisis threatens the idea of one Europe
Quote:
|
"The European Union will now have to prove whether it is just a fair-weather union or has a real joint political destiny," said Stefan Kornelius, the foreign news editor of Süddeutsche Zeitung in Germany. "The whole project of a joint currency is being tested for the first time. We always said you can't really have a currency union without a political union, and we don't have one. There is no joint fiscal policy, no joint tax policy, no joint policy on which industries to subsidize or not. And none of the leaders is strong enough to pull the others out of the mud."
|
http://www.iht.com/articles/2009/03/01/europe/union.php |
One of the major problems of the EU is certain countries always regarded it as a source of money and not something they need to conform to it's ideals, financial policies or laws. When you have countries like Bulgaria, Romania, Portugal and others just taking money and contributing little you're heading for trouble in hard times. It would be interesting to see what would happen if Turkey were told there is no money in the kitty when you join the EEC for building your country.
The EEC knew this before it took on a lot of Eastern Europe, they saw the results when this happened and still went ahead with allowing Bulgaria and Romania to join and still considering Turkey.
The joint currency is not the real problem, it's the countries using it.