The answer to that question is simple, the US of course. Some months ago I made a comment to Skip that the EU would be lucky to survive another ten years. It now looks like my estimate could have been generous. Greece is all but bankrupt, Portugal and Spain are teetering on the brink, Italy and Ireland are close behind. This week, Britain announced that it forecasts a budget deficit larger than that of Greece. All is not well in the New European Empire.
In a one-size-fits-all economic arrangement there are bound to be casualties. The cap simply won’t, and can’t, fit some countries. Imagine the US joining an extended form of NAFTA, perhaps called AFTA, which includes all or most countries in Central and South America. To create a common currency with equal value in all member states would be disastrous, not to mention the fact that ‘free movement’ rules would have to be observed. So much for immigration controls!
These free movement rules are very much a one-way street. For example, compare the number of Polish and Latvian emigres in Britain with the number of Brits in former Eastern Bloc countries. During a recession it’s virtually impossible to provide jobs for the unemployed in your own country, without trying to cater for the requirements of ex-pats from another twenty six member states. read more »