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The folly of Euro

After two weeks in Europe, my conclusion: It’s a bubble begging to burst.

By Chris Carosa | Updated on July 27, 2011

I was for it before I was against it. I thought the concept of a European Union would offer the ultimate testament to the wisdom of our Founding Fathers. Then I saw the leaders of the European Union use it to muscle American companies (e.g. Microsoft) into regulatory submission rather than focus on a necessarily slow absorption of 27 different countries, each with more than a millennia of history, culture and politics.

Instead, the EU moved with the speed of the market, in part because the market was driving the union. In 2003, the Euro began replacing the national currency of some of the EU members. Today, 17 of the 27 countries use the Euro. Significantly, the United Kingdom opted out of the Euro, and as things stand today, that looks like it might have been a smart move.

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