The Future of the European Union
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The Future of the European Union

Options, Strategies, Scenarios

Michael Wohlgemuth
GIS, 2012
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Economists won’t find the solution to Europe’s debt crisis in extreme economic policies, says economist Michael Wohlgemuth. Evolving the European Union into a “United States of Europe” or dissolving it is unworkable. So where do the answers lie? The 27 member countries have different economies with disparate needs and challenges, making a “one size fits all” strategy unfeasible. This short, intellectual, though imperfectly edited, article examines the conundrum. You won’t discover the final solution in its pages, but getAbstract predicts that you may gain a better understanding of the complex issues.

Summary

Debt crisis in the European Union has prompted radical proposals from both ends of the economic policy spectrum. One side calls for a “United States of Europe,” a fiscal union that an EU finance minister would oversee. In theory, the minister would supervise EU taxes, pension plans and social security systems while influencing public spending policies and national budgets. Economists at the other end of the spectrum believe that too much integration has made the EU ineffective. These experts argue for the return of separate national currencies and recommend nullifying many EU laws.

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About the Author

Prof. Michael Wohlgemuth is an economist and the director of Open Europe Berlin.

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