Greece is in major financial trouble, which is seriously affecting all of Europe.
Their threat to leave the Eurozone, which could create another major recession, has
made some question whether the interconnectedness of the European Union is ultimately beneficial
to it’s members.
So, is it worth it to be in the EU?
Well, the EU is an international group composed of 28 European member states.
It originated as an economic cooperative in the 1950s, between 6 nations: Belgium, France,
Italy, Luxembourg, the Netherlands, and Germany.
Back then, in the post-world-war-2 era, Europe saw a need for a federation to promote peace
and unity.
They also wanted to present a collective front against the threat of communism during the
Cold War.
In 1993, the European Union as we now know it, emerged, and offered all EU citizens a
common visa, a common legislative and judicial body, and common voting rights.
Later in the 90s, a common currency, the Euro, was also established between many of the European
Union Members.
Between 1989 and 2014, the European Union flourished.
So much so that their combined population ranks them 3rd in the world after China and
India.
The EU is currently one of the top world economies, with almost $16 Trillion Dollars in GDP.
And in 2012, the EU won the Nobel Peace Prize for its transformation of Europe “from a
continent of war to a continent of peace.”
But the 2008 recession put a huge damper on the EU’s success.
For the last decade or so, Greece, Italy, Spain, Ireland and Portugal have faced unprecedented
levels of unemployment and public debt.
Many of these nations are also in the midst of a “migrant crisis” as record numbers
of people cross the Mediterranean to enter Europe.
The EU has been criticized for not issuing enough aid to these periphery countries.
Also, Many feel that EU leaders concentrate policy-making efforts only on thriving economies,
like those of Germany and France.
Indiscriminate austerity measures tend to harm those countries with weaker economies.
Plus, after most members adopted the Euro to replace their own currency, nations are
no longer able to temporarily inflate their worth through currency-manipulation.
On the other hand, stronger economies are expected to subsidize the welfare of weaker
countries, leading to resentments between member states.
Several analysts have already published articles lamenting the failure of the, quote, “European
Union Experiment”.
So is the EU worth it?
Pew polls in Europe have revealed mixed feelings from the public towards the EU.
On the one hand, many people feel that the EU is inefficient and intrusive.
But on the other hand, most want to keep using the Euro, and believe that the EU does, in
general, promote peace.
Despite setbacks from the 2008 recession, the European Union remains an influential
presence in the world.
And experts note that, with the trend of globalization, international unions of this nature are both
necessary and inevitable for the world’s future.
Although ties with the EU have been increasing since the fall of the Soviet Union, Ukraine
is not a member state.
To learn about the violent riots that broke out in Kiev after a deal fell through take
a look at this amazing story on This Happened Here.
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