Macron’s victory in the French election ensures there will be no pressure to reform, which means the landing for the EU will be harsh in the years ahead. The establishment in France, Europe and elsewhere are breathing a sigh of relief tonight, as they will interpret the win as proof that reform is not necessary. The mainstream media will no doubt paint a picture that the EU has been saved, failing to admit that is has been the unelected bureaucrats in Brussels that put the European banks and economy on life support.
To understand how bad the problem is in the EU, imagine if our members of the House and Senate never had to face a voter. The unaccountability of the EU has produced rules and costs that are killing the economy and culture of EU countries, which is why the Brits voted to get out. France should have done the same.
Drastic reforms are needed in Europe to cushion the blow from the sovereign debt crisis that will be engulfing the EU when interest rates and the US dollar rise. Add in the lack of immigration reform which has increased the number of rapes and terrorist events, and you have a recipe for civil unrest, which does not provide the environment to attract capital.