I had a college professor constantly lecture of how great the European Union is and America needed to do something similar with Canada and (of course) Mexico to be able to compete. He wasn’t the worst in the world, but if there was any subject that I knew was any liberal pontification of any professor that was going to come around and bite back it was this one. No idea what he thinks now, probably would argue these are temporary setbacks and/or “it’s all Bush’s fault” with the economy going bad around the world and it all goes back to him.
The thing about the European Union that the bankers did all agree on...was having just one currency. There was a huge mess that went on daily...with various issues and problems with conversion from D-marks to Francs, etc. Every single banker will tell you this EU thing was a good deal. From an investment point of view, or sales point of view....it doubles up the problems (I readily agree).
If you go to a German electronics shop today....they have the better German or French made washers...but they also have the cheaper washers made in Spain. So you can save a quarter of your money and buy Spanish-made washers. The question is....are they are superior quality? The answer is typically...no.