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EU elections

May 21, 2014

EU parliament

Having lived in the US for the past 20 years and only followed European politics from afar, I have always been a proponent of both the EU and the EURO. However, both projects appear terribly flawed from the outside looking in. The EU parliament  longs for more unified power over matters that are strictly up to member states sovereign authority. The Euro currency remains a noble project with terminal flaws that will reveal themselves by the end of this decade. Having 18 finance ministries and economic programs yet only one currency and central bank is a recipe for failure and I applaud the ECB for having done a tremendous job in keeping the Euro stable and strong.

Strangely, the European citizens are poorly informed of their EU representatives whom they elect and send to Brussels. While 50% income tax rates are the norm across the EU, it appears that nobody outside the European parliament is aware of the fact that civil servants there pay no more than 12% income tax themselves. Hmmm, I suppose I have been gone for too long to fully understand this situation… Perhaps, that is why I focus on markets rather than politics when possible.

 

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