How the Union is stifling economic development and why Europe will never flourish under the EU
W
ith the UK’s impending exit from the European Union, there is more focus than ever on the state in which the current 28-member organisation exists and what really are the benefits and drawback of being involved has, especially with other countries considering their future status. The EU’s main roots of conception have always been based around the idea of providing more accessible free trade and a customs agreement focusing on improving the economic conditions. However over time this ideal has changed into a reductionist system where a single state mentality exists, with a governing bureaucracy that no longer serves the intended purpose, instead simply causing mass overregulation that devalues each nation’s own sovereignty and economic flexibility whilst taking away much of its perceived individual control. An economy cannot develop under these kinds of stringent conditions. The EU itself has always been considered to be resistant to positive change that would actually allow for
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economic growth. Its founding was for the purpose of prosperity and free trade at a time when Europe was looking to come together after years of war and conflict, creating common markets in industries such as coal and steel before leading to the first concept of an economic community known as the Treaty of Rome in 1957. Countries such as France, Italy and West Germany began this as a way to increase the amount of trade and build bridges, yet that kind of isolationism no longer exists in the modern day meaning that the need for such agreement is much lower, yet rather than understand this, the European Union instead has become an entity governing with an aim on securing more power over its members with notions to become one – there already exists a flag, anthem, five presidents and its own currency aimed at gaining financial control. Such structure causes great regulatory distress with issues like the overlooked tax structure limiting business prospects. There is no encouragement towards business development, with the outdated system expecting
increased contributions despite the constant decline in economic opportunity. The lack of progress is felt through the development restraints as while long established companies like Volvo continue to thrive, there is no European innovation to provide alternatives to Facebook, Amazon or Google due to the conditions needed to support such ventures simply not existing in a European Union framework. Not only is this detrimental to the individual governments, but they are actually failing in their trading endeavours. Economies work off of the ability to increase trade as no country can be self-sufficient, and the global market has grown exponentially with its utilisation incredibly lucrative, yet these opportunities are limited as the EU tries to enforce the maximisation of trading within its own borders. This is a severe drawback when considering the potential that may be possible for the states to revolutionise their exports at a time when the market clearly indicates that Europe has actually stopped growing in many major areas.
