HOW THE EU IS STRUCTURED TO SUPPORT BIG BUSINESS
To understand the EU’s neo-liberal character and why it enforces austerity so rigorously, we have to go back to the Single European Act of 1986. This set the legal framework for the EU as it exists today.
The drafters of this Act were ministers from Thatcher’s government in Britain and the conservative government of Chancellor Helmut Kohl in Germany. Each government had its own objectives. Thatcher’s ministers wanted to open up European financial services to the City of London, making London the European base for US banks. In this they were strongly supported from the US by President Reagan. Kohl’s ministers wanted to create an all-European market for Germany’s giant industrial companies at a time when the German economy was slowing. Both governments were ideologically on the right and were united in seeking to use the new framework to limit…
View original post 1,267 more words