Once again as speculation arises that Greece may default on it’s bail out loan repayments the question emerges should the European Union disband? The European Union or EU,consists of one or two European states who've joined up to a single currency. It's also subject to European law, and each state is needed to pay money into the Union.
The pros are that there is one single currency, the Euro. This makes trading across countries simpler as there aren't any forex rates or opposing currencies. Member states are also allowed to make an application for funding if they meet the prerequisites. there were a large amount of grants given out by the Union to pay for specific projects from the restoration of old buildings to the setting up of charities.
If you were setting up a body for disadvantaged kids the Union may give you the funding. If a city needed to develop a visitor attraction such as an ecology center, it may get a grant as it would increase jobs, and excite cross member tourism and integration. The thought is as jobs increase funding will go back into the Union to develop more jobs, and increase each countries development and prosperity.
One of the most important reasons behind the Union of States was to increase jobs. If you were to line up a SEO promoting agency or a specialised glass factory that would create masses of roles, chances are the Union may provide funding or offer low interest loans to finance the project.
The European Union’s headquarters is in Brussels, were member state middle management meet from each country to draw up suggestions and laws. It is lead by Chancellor Angela Dorothea Merkel.
The Union has had a rocky two decades since the plans where first drawn up for it in the late 1980’s. Britain was against a single currency but still opted to be a participating member. The remainder of the nations that totally joined the Union adopted the single currency.
Since the global monetary collapse in 2009 plenty of the nations weren't able to borrow money from the banks to run their states. Ireland and Greece were badly affected and required several rescue loans. This resulted in Bn. of Euros ‘ being pumped into rescue the countries.
Countries like France, the United Kingdom and Germany had to stump up Billions to pay for the bail out. As Germany had benefited the most from the Union and were the most powerful economy they had to fit the lion's share of the finances.
Greece’s debt crisis was known to be critical. But now even after a rescue package they're in trouble once more. They cannot meet the loan repayments and are about to default on the repayments. Bankruptcy is at present one option being debated. Pumping in more money is another, and a third option is complete member disbandment of the Union.
Many people across Europe are in favor of disbandment. They say a single European currency is unfeasible as each country in the Union has a vastly different economy. There's no one size fits all approach to the whole of Europe.
Brussels ‘ looks set to pump additional cash in. But the query beckons if more member states get into difficulties, and if Eire can’t make their repayments what occurs next? This makes a huge case for the abolition of the Union. It is one that will rage inside the political arenas of each country in the EU. This debate has been waging since before the Union was drawn up, and will continue till a definitive answer can be found.
Let's be optimistic that occurs before Europe has a total collapse.