The recent financial problems of Greece, and the resulting "bailout" have presented challenges for the EU's response to the world financial crisis. Former communist countries like Romania and Bulgaria have been admitted as members but haven't lived up to expectations for ending government corruption. Bulgaria did such a bad job of accounting for EU development money that the funds had to be returned. Romania is sitting on 23 Billion development euros to build badly needed roads, but doesn't have the "financial capacity" to spend it properly. All of this has the EU slowing down on the admission of new members. All member nations must agree to admit a new country, and Turkey's prospects seem dim because tiny Cyprus will never approve.
Saturday, July 3, 2010
Understanding the EU
The recent financial problems of Greece, and the resulting "bailout" have presented challenges for the EU's response to the world financial crisis. Former communist countries like Romania and Bulgaria have been admitted as members but haven't lived up to expectations for ending government corruption. Bulgaria did such a bad job of accounting for EU development money that the funds had to be returned. Romania is sitting on 23 Billion development euros to build badly needed roads, but doesn't have the "financial capacity" to spend it properly. All of this has the EU slowing down on the admission of new members. All member nations must agree to admit a new country, and Turkey's prospects seem dim because tiny Cyprus will never approve.
Labels:
Brussels,
euro,
european union,
eurozone
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