European Union outlines its wished for way forward

IF you wondered who was to blame for the current economic difficulties then the European Union is pointing the finger at the US.

In a video released today the EU has put forward a brief history lesson on the financial crisis, saying that European countries had to find large amounts of cash to protect its banking sector after the US sub-prime crisis struck.

These steps supposedly protected the euro and eurozone countries, although some in Greece, Ireland, Portugal, Spain and Italy may question that.

Ultimately the video is a first attempt to put into the minds of the people of Europe that closer banking union, the European Stability Mechanism, a stronger European parliament and political union amongst countries is the way forward.

Considering that these changes would require votes and referendums in many European countries, the EU could be in for a long fight to convince a public facing increased unemployment, poorer working conditions and reduced spending power.