Been reading a lot recently about Southern Europe’s economic crisis and Southern and Eastern Europeans (the hardest hit) are migrating to the north (the areas of the biggest booms) to find jobs. This has led to some resentment about these new workers and has sparked some general hand-wringing and worries about immigration and cultural shock.
Every time I read one of these articles, I can’t help but think “You do realize that’s what the Schengen area was sort of designed to do?”
To be a bit cynical/sarcastic: congratulations Europe – you discovered an economic fix for the inflexibility problem of the euro. Like in the US, workers move to where the jobs are, creating a regional boom-bust cycle and balancing out the entire economy. Too bad you don’t like the solution…
No, the problem they should be worried about is this: “Southern European Money Migrating North to Safety.” Capital shortfalls in a debt crisis is not a good trend to have emerge.