Non??????

The French have voted and have voted 'Non' on the new EU constitution. For a good rundown of what various people are saying about this vote read Instapundit's piece here.

I have my own thoughts on this. Europe risks becoming an economic backwater where high labor and social costs will lead to long-term economic stagnation. I didn't see Europe eating the world's economic lunch when the Euro was 88 cents to the US dollar, how are they going to compete now?

The EU constitution largely codifies what has become a competitive necessity. Current restrictive work rules and the need to erect barriers to competition will raise costs when costs are being driven down for the rest of the globe through new investments and productivity gains. Ultimately, Europe will not benefit from that until they decide to harmonize their business practices with everyone else. Every country or region has their problems, but Europe is trying their best to make something bad into something even worse through inaction and diddling.

Additionally, the French voter has said that they want more of the same....but the model of high taxes and high social benefits may not be sustainable and lead to chronic unemployment[scroll down to the abstract "Why is French unemployment so high"]. Good luck our to European friends, they are digging their own grave of ignominy.