Finance & Fury Podcast

Welcome to Furious Friday where we look at misconceptions in the media about the economy There is a lot of talk about fears that the European Union (EU) will fall apart – That this will cause a financial crisis Will it? A lot of people are saying that the financial markets will collapse if the EU were to break apart I wanted to break a few things down What is the EU and what does it do? Why are the member nations considering leaving? What will be the effect on financial markets and the global economy? What is the EU? The EU is a geo-political entity covering a large portion of the European continent. It is founded upon numerous treaties and has changed quite a bit over the years In 1957, six core states founded the EU's predecessor, the European Economic Community (EEC) (Belgium, France, Italy, Luxembourg, the Netherlands and West Germany). Trying to create a common market – European Coal and Steel Community 1999 – Monetary union was established – 2002 was in full effect 19 members at the time