The European Union hasn't even existed for 25 years. Yet under its control, multiple countries have entered into recessions, even depressions, and entire countries economies have collapsed, including those of Greece, Portugal, Ireland, Spain, Italy, and France.
The European Union is a powerful collection of economies. However, some economies in the EU significantly outperform others.
Thus, if the European Union wants to help the mid- to small-sized economics in social programs or infrastructure projects, the EU re-distributes money from the larger, more efficient, economics in the union to the smaller ones.
For instance, if Greeks wanted an early retirement age, or Belgium an art museum, money is pooled from countries like France, UK, and Germany since they couldn’t do it themselves.
As you can imagine, this causes internal political tensions in the EU. The French, British, and German people rightfully don’t want their money to be the backbone of the European Union’s social “benefits” that everyone else is enjoying.
I’ll explain how the 2008 financial crisis revealed the inherent flaw of the European Union.
WATCH as I explain why austerity measures, or further taxing the rich or the middle class, won’t fix the EU.