NO GREAT DIFFERENCE
... while it was today's veterans of the EU that voted the country in to begin with but blocked entery of the catastrophic currency and Schengen treaties.
What "catastrophic" currency and Shengen-treaty?
Currency: The EU is on a parry with the dollar (at around 1.10, down from 1.35). So, the EU competes well with the US on international markets.
Shengen: Both the UK and the Denmark have "special consideration" (no passport control) like other Shengen signatories. About Shengen, excerpted from WikiP:
Twenty-two of the twenty-eight European Union (EU) member states participate in the Schengen Area. Of the six EU members that do not form part of the Schengen Area, four – Bulgaria, Croatia, Cyprus, and Romania – are legally obliged and wish to join the area, while the other two – the Republic of Ireland and the United Kingdom – maintain opt-outs. All four European Free Trade Association (EFTA) member states – Iceland, Liechtenstein, Norway, and Switzerland – have signed agreements on association with the Schengen Agreement, even though they are outside the EU. In addition, three European microstates – Monaco, San Marino, and Vatican City – can be considered de facto participants.
It's no BigDeal, tourist-traffic amongst the Central EU economies is not affected. But tourism is NOT the real problem.
A DIGRESSION
The Real Economic Challenge is having available the talent necessary for an advanced and functional Services-economy. The make the same complaint as regards the US, for which GDP is already about 80% a "Services Economy" (see
here). And as I never tire of repeating: The EU and the US economies are migrating slowly into the Information Age, and the need for higher-skilled people is already rudely apparent.
Between the two economies (EU and US), however, obtaining higher qualifications are
very different challenges.
Since early on, the leaders of the EU had a clear vision of Tertiary Education. That it should be
very low cost to any citizen asking to embark upon a vocational, 2- or 4-year advanced degree. Which is the case presently in the EU.
Today, however, the average American student graduates with a $30K debt-albatross hanging around his/her neck.
The EU student, same study qualifications, has zero-debt to repay.
I've got that wrong, have I? From the FRB,
Student Loan Payment Status by Demographic and Education Characteristics, excerpt:
The average combined balance of student loan debt for those who report owing at least some money is $35,657 and the median balance is $18,000. When considering only student loans for one's own education, the average current balance is $30,182 and the median is $16,000
My Point: it is utter stupidity, given Uncle Sam's economic circumstance, to think that Tertiary Education (like Secondary Schooling) need not be Free, Gratis and For Nothing. Those children that do not benefit from a Tertiary Education - we will be paying their cost of Unemployment Insurance for decades to come.
Why do we have 15% of American families under the Poverty Threshold? Because they willingly want to be there? No way, José.
But, I have digressed - with apologies ...
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