May 7th, 2017 marks the date of what is an important day for the future of France and the fate of the European Union. The French people know that their votes cast go beyond the rhetoric of presidential candidates. This election for them is either about preserving their culture and economic stature, or maintaining a global presence and a “united” Europe.
After the United Kingdom decided to leave the EU last year, France is among one of the few countries that give the EU any legitimacy. Unfortunately, policies promoted by the European Union have sent the French Republic into an economic tailspin and a migrant crisis that has not only resulted in several terrorist attacks, but has placed French culture under threat and has deeply angered the French people. Before we go deeper into why it is imperative for France to leave the European Union, let’s first ask:
What is at stake for the European Union in the event of a French exit?
Right now, among the many crises in the EU, there is an overwhelming debt crisis that not only punishes the well performing countries in the EU, but burdens them with an economic demand that is perpetually insufficient. These countries are known as the PIIGS (Portugal, Ireland, Italy, Greece, Spain). Countries like Germany continuously dish out money to less economically developed countries in Europe in hopes that it will stimulate the economy. The reason this is insufficient is because the stimulus only devalues the Euro and inflates the prices of goods in the countries receiving the welfare.
France is already not in position to be providing welfare to failing European countries while it continues to add to its 2 trillion dollar debt and counting. A lot of France’s debt has been a direct result of its burden in having to resolve the economic issues of less developed countries. France is among several countries which have been in perpetual debt since the EU’s founding in 1958, however the EU’s web of debt is more confusing than it is stabilizing, which is why more economically sound countries like Switzerland and England have decided to leave the confederation in all its shame. Even as recently as 2015, France’s credit rating has been downgraded from a AA+ (which is already not that great) to an AA.
Ultimately, what this means is, if France stays in the EU, it will continue to downgrade in credit rating while adding onto its debt and eroding their economy. Furthermore, the mass influx of migrants will spiral the welfare state out of control, and further burden the taxpayers.
In the end, remaining in the European Union is a recipe for disaster, and will only culminate in the collapse of France. The inflationary bubbles already plaguing the nation will only continue to expand, ultimately leading to an economic collapse of monumental proportions. And the continued influx of migrants from the Middle East will burden the taxpayers, erode French culture, fuel hostility, and erode their sovereignty.
Like Britain, France must exit the EU. But its chances of doing so appear to be dwindling.