I have been thinking a bit more about the EU in recent times. It is interesting to me because it is a union of different countries with extremely different cultures, united under the banner of a single currency.
The Greece bailout really brought home a few questions to me:
I am someone who believes in national sovereignty over internationalism. However, with a single currency in the EU, the stronger performing economies are effectively dragging along the weaker ones. If the European ideal is to continue successfully, how much domestic law needs to be turned over to the EU?
The legislation around IR in particular seems awfully strange to me. Why should a country with a high retirement age (like Germany) be bailing out the economies of countries with lower retirement ages (like France or Greece)?
The purpose of having different currencies is to allow the currency itself act as a natural stabiliser on the economy and the import/export balance. Is the Euro a failed currency in that it obfuscates bad legislation in a sovereign state by tying it into good legislation in another sovereign state?
Now that we have progressed into the postmodern, post war era, is the EU even a relevant organisation any more?
As an Australian I am looking at this from an ignorant position and I am generally interested in peoples' thoughts on the EU and the Euro.