Les Jones

European Union > "What is the European Union?"

Ragnar Arnason, economics professor at the University of Iceland, asks and answers the question. Via The Corner.

"What is the European Union? It's a customs union. It protects itself from outsiders with walls of tariffs. It is in many ways very reactionary. Those who control everything, the Central European states France, Germany, Spain and Italy, are not the countries of the free market and have never been. Those are countries which have cetralised their economy very much. Their economy is in many ways incomplete with much rigidity in the labour market. They have a very complex and wide-ranging system of subsidies and grants. State interference in the economy is vast. And in many ways the European Union is driven by dreams of past greatness; dreams of keeping Europe as a superpower. The result of all this is that growth in the EU is rather small compared to America and Asia."