How EU Member Countries Lost Their Central Banks

Executive Summary

• Countries have ceded their ability to create their own money by agreeing to hand that function over to a private central bank.

Introduction

The EU was a way to take a major part of the sovereignty of smaller EU member countries. Each member country lost its central bank by joining the EU and joined a grouped central bank called the ECB. The smaller member countries handed over their monetary policy to three countries (France, Germany, and Italy) that have 62% of the paid-up capital and roughly this influence on the ECB. As such, the smaller EU member countries have become more like US states. Furthermore, the analogy is worse becuase while in the US, and there is a strong common bond between the federal and state and local governments, the larger EU member countries that dominate, the smaller EU member countries and look at them as more like colonies. The EU is a neoliberal/British School of Economics institution, which means free trade and smaller interests by larger interests. In an amazing situation, where the EU has led to mass migration from the smaller EU countries to the larger, and where each of the smaller EU countries has lost a major part of their sovereignty, it is still considered gauche to critique the EU. The idea presented is that only uneducated blue-collar idiots and racists critique the EU. This view is of course promoted by private banking interests.

This video does an excellent job of explaining how the EU really works more broadly.