The European Union hasn't faced such trying economic times since its inception. Due to the global financial crisis, newer Eastern European member states are having trouble keeping their economies within the EU requirements. Today, the European Council met in Paris to discuss a possible bailout for the newest members; it was shot down by the EUs strongest economic members.
Historically, European nations have reverted to more isolationist measures during times of economic upheaval. It will be interesting to see what effect this crisis has on the political unity of the EU and on the status of the European Constitution that will soon be up for possible ratification.
Sunday, March 1, 2009
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This is why Milton Friedman believed the Euro would not survive its first crisis. Time will tell if he is right.
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