In the past week EU legislation, which allows for any EU
citizen to work in any EU country, has been central to the
discussion of two very interesting scenarios, leaving policy makers
wondering what to do next?
The Run on
EU Passports:
There was an interesting news report on Austrian news the
other day about how increasing number of American citizens are
trying to obtain European Union passports. The reason being that
they feel with a recession imminent and the fear of unemployment,
an EU passport would serve their purpose. EU legislation provides
for the fact that each EU citizen is allowed to work in any EU
country and with the EU doing fairly well at the moment,
macroeconomically speaking, this seems like a great option.
However, the issue of the EU is that a run on passports is
unprecedented and not properly accounted for in the legislation.
The question remains now, what to do: increase citizenship or find
a way to stop the run on passports?
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