Just recently, the people of Great Britain voted for their nation to leave the European Union (EU), sending shockwaves all over the world. But before I get into the results of this vote, I will first discuss the European Union in general.
The European Union was established in 1991 as a political and economic organization which operates through a hybrid system of supranational and intergovernmental decision-making. Prior to 1991, it was preceded by the European Coal and Steel Community (established in 1951), and the European Community (established in 1967).
The European Union has set up an internal single market by means of a standardized system of laws that apply to all of it members. From 1999 to 2002, nineteen of its members adopted a currency known as the Eurodollar, a.k.a. the Euro, as its legal tender, while the other members (e.g. Britain) would retain its national currency. Aside from Britain, the members of the European Union consist of the following: Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
The European Union also has set up policies in regards to free movement of people (including immigration), goods, services, capital, legislation on justice and home affairs, as well as trade, agriculture, the fishing industry, and regional development. Passport controls have been done away with, which could make it easy for any criminal to move amidst the member nations. In addition, the European Union has its own representatives in the United Nations and other international organizations.
Needless to say, there is less room for sovereignty in the European Union, which is why the British people have voted to leave the organization. Doing so would mean less bureaucracy for the British.
The fallout from the British choosing to leave the European Union has already begun. Politicians (e.g. Prime Minister Dave Cameron) are stepping down, while a petition has circulated calling for a re-vote. Some people in Scotland have called for seceding from Britain in order to stay in the European Union. Meanwhile, people in the other member states of the European Union have advocated falling in the footsteps of the British, thus possibly leading to the disbanding of the organization (and thwart any attempts at Scottish independence, something that was rejected not long ago).
The British pound and the Stock Market have both taken a hit over the vote, but some speculate that this setback is only temporarily.
In my opinion, the European Union should be disbanded, and sovereignty returned to all of its members.