June 24, 2012
Why Stay in the EU?
If European monetary integration, the EU, the European Central Bank (ECB), and the euro are so unpopular, why are countries sticking with them? Could the reason be bailouts? Let's look at the history. The European project began with the creation of the Common Market in 1957 and grew to a Single Market in 1992. The Maastricht Treaty established the European Union (EU) under its current name in 1993. The euro, the Eurozone single currency adopted by 17 EU member-nations, was adopted in 2002. The latest amendment to the constitutional basis of the EU, the Treaty of Lisbon, came into force in 2009. Now the euro is a casualty of the ongoing European sovereign debt crisis. The European public is worried about joblessness, inflation, and public debt, and those fears are fueling much of Europe's uncertainty and negativity. The euro crisis has hit the southern European nations of Greece, Italy, and Spain much harder than it has the northern nations of...(Read Full Article)