The economic crisis across Europe has made it clear that the European Union isn’t meeting today’s economic realities, a condition that promises to have a global impact on other economies, including that of the United States, according to a report from Joseph Farah’s G2 Bulletin.
The economic crisis is growing worse as central European bank lending to such countries as Italy, Greece and Spain now has dwindled to a trickle because investors are backing away from funding the region’s lenders.
There isn’t enough capital on hand to finance debt which is due to mature next year. Analysts believe there need to be dramatic changes in the structure of the EU if it is to survive.
They add that the EU is at the stage now where it needs to change to a more centralized parliament representing the respective members, who will have to give up some national sovereignty to create what amounts to a United States of Europe.