Greek deal exposes European folly--Nile Gardiner - NYPOST.com

The huge difficulties facing the Euro are symbolic of the deep-seated problems enveloping the European Union today. Chief among them is a lack of economic freedom -- thanks to over-regulation of businesses, high tax rates and massive welfare spending as well as heavily protectionist measures (such as the Common Agricultural Policy) that limit free trade outside the EU.

Sounds like where the United States is heading these days. What the European experiment with economic union and the common currency, the Euro, did was to codify the socialist welfare state eliminating the formerly tenuous free market economic state. This is the reason why one could hear the talk of harmonizing taxes across the union since without harmonization, there would be actual competition between the states on taxes. Also, the central authority in Europe foisted deadening regulations onto businesses and people across the continent that promise to move jobs and economic creation out of the region.\

However, where I dispute the common wisdom is that I think that it was not the Euro that is going to kill Europe, but it is the continuous stupid regulation of business, banks and people that created an environment where a common currency is doomed.

Greek deal exposes European folly--Nile Gardiner - NYPOST.com