Quote:
Originally Posted by Paul Markham
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.
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Yes, that's true, but the EU was offering support to these Eastern European countries to entice them to want to join. A lot of EU money has already gone into building infrastructure in these countries. So, absolutely "New Europe" was looking for a free lunch, but the EU was also offering it...
The reason why the Euro is likely to have serious problems is the because of the economic disparities between the different countries in the Eurozone and the Eastern European countries in the ERM II program.
For the Euro to survive the ECB and EU will need more power and the countries that make up the EU (or at least the Eurozone and ERM II countries) will need to give up more of their national sovereignty. Simply the EU will need to function more like a country than a glorified trade union.
