EU in desperate need of radical reforms

Robert Oulds, an expert in economics, in an interview with Press TV said that the European Union is in dire need of “radical reforms” and not “cosmetic changes” to tackle a major economic crisis it is currently faced with.

“The European Union is in desperate need of radical reform, otherwise the unemployment queues will stay long and the people’s disconnect between the governed and the governing class will remain,” he said.

He added that European leaders have not proposed a transfer of power away from the EU to democratic institutions and just talked about cosmetic changes in an effort to make people happier in being governed by the unaccountable elite in the bloc and the European Commission.

“There should be a dismantling of the Eurozone; countries should have their currencies back with their right to maintain their own economic policies; set their own budget deficits,” the commentator pointed out.

He called for an end to austerity which has created massively high unemployment and failed to resolve the debt crisis within many indebted European nations.

Oulds also urged a move towards giving power to the bloc’s member states and criticized amassing power amongst the elite within the EU.

“There should be investment in the real economy that should take place hand in hand with the transfer of powers toward democratic institutions so people can start governing their own lives again rather than being told what to do by the European Union,” he said.

Europe plunged into financial crisis in early 2008. The worsening debt crisis has forced the EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries.