"The European Union as we know it will not exist in 10 years, believe me," says Barbara Kolm, president of the Austrian Economics Center in Vienna, Austria.
While countries like Sweden have instituted successful reforms, according the Kolm, the high taxation, powerful unions, and bloated bureaucracies in most European countries will lead to the collapse of the EU's economy. Kolm's advice to policy makers in the US? "Don't become Europe."
Kolm stopped by Reason's LA studio to talk about the economic situation in Europe, the fate of the Euro, and why America should not look to the Old World for financial advice.
Approximately 6 minutes.
Produced by Paul Feine and Alex Manning.
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