Sunday, August 5, 2012
Crucial events/factors in EU/EZ systemics and dynamics
Crucial events/factors in EU/EZ systemics and dynamics have been:
1) The enlargements. They did make deepening harder after all (UK got its way but got bit some way)
2) BuBa's inflation phobia
3) China's Dec 2001 WTO entry
(3) is the one that disrupted EU/EZ systemics and dynamics the most, esp PIIGS' (and others).
In a "more closed" EU Single Market (or in a WTO withoit China), PIIGS' wages would have to compete with eg Slovak and Bulgarian ones. But now they have to compete with Asian (mostly Chinese) ones.