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EU members lose appetite for Euro - A Blog from Freemont Group

Freemont Group
03 November, 2011

Since the fall of the Berlin wall, Eastern Europe has been groomed to break their ties with Russia and join the European project. Present day leaders of Eastern European countries were selected and trained by the US and Western European countries, and their electoral success was guaranteed by western funding. In return, Eastern European countries have opened their markets, joined the EU and are now ready sell their souls to the debt trap of the banking elite, the Euro.

But as the Euro zone further disintegrates, nationalistic sentiments are starting to surface. It is becoming increasingly difficult to pretend that joining the Euro will help countries like Poland, Czech Republic or Bulgaria. In fact, it is impossible to argue that the Euro has actually helped any of the present Euro member states at all. Recent figures from the European central bank show that trade between Euro member states increased with 75% since 1999. Yet the trade with non-Euro and non-EU states such as the United Kingdom, Denmark, Sweden and Switzerland also increased during the same period with 72%. Unlike Euro member states, these countries do not need to bail out anybody.

The (Greek) debt crisis has reversed public opinion in candidate Euro member states like Poland, Latvia, Lithuania, Czech Republic, Hungary, Bulgaria and Romania with many polls showing opposition against joining the Euro. Some politicians are respondent to these signals and have reversed course. At the Bulgarian-Czech business forum held at the beginning of this month, Bulgaria´s prime minister Boyko Borisov voiced his concerns: "We will join the euro zone when we see clear rules over there. Otherwise, it is turning from a pillar of stability into a place to give money, to support those in trouble, and its aim is actually completely different." Czech prime minister Peter Necas added: "The governments of the Czech Republic and Bulgaria completely refuse to declare a date for accession to the euro zone because nobody knows what will happen with this project."

Indeed, nobody knows exactly. But British European parliament member Nigel Farage, who has been proven right dozens of times, predicts we can be sure of some things: European politicians will insist on the European project and will be doing more of the same. More bailouts, more centralization and less democracy and sovereignty for EU members. And the outcome will not be pretty.


About the Author

Freemont Group

Freemont Group is a comprehensive provider of fiduciary services, including corporate formation and administration, trust, fund formation, legal-and tax services. Contact: info@freemontgroup.com


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