Observations

Several EU countries have been doing well in recent years. This should not be a complete surprise. If you are on the receiving end of tens of billions of euros each year to build up your country’s infrastructure for free, life should be expected to get better.

As a whole, however, the EU bloc has not performed well. Its largest economy by far, Germany, is even forecast by the IMF to table a reduction in its GDP this year. It will be the only G7 country to do so.

Looking at our seven metrics in the round, the EU has been on a downward trend for years. The reasons small, poor countries continue to line up for membership is obvious. They are all receiving massive payments – which might even be called bribes – to join. As and when they eventually join they will receive even more in annual subsidies.

Before Brexit, the UK taxpayer was paying for a significant part of this re-distribution of wealth, without getting any credit. Today the EU Commission has replaced the UK ‘cash cow’ by borrowing massive amounts on the international markets. This is prohibited by the EU treaties, but legal niceties do not seem to have got in the way.

Small, poor countries will do well financially out of their membership - if not in other ways including a total loss of sovereignty. However once they have soaked up the Commission’s largesse and start becoming net contributors, like Ireland did last year, they will doubtless start exercising their rights as many of the countries that joined 20 years ago are beginning to do.

We hope readers found our ‘snapshot’ of the state of the EU useful. We doubt the zealots of the Rejoin persuasion will even want to read it. We find they’re not too keen on facts….

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