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March 25, 2007
Europe Is Fifty - Where's The Party?
If fifty is the new thirty, as people of a certain age say, then the Europe Union is ready to party. It's 50 years since the Treaty of Rome was signed, establishing the European Economic Community. We sifted through some of the media coverage this weekend.
Clearly the Euro-sceptics are out in force, but there are a few that aren't bashing what's been achieved - we're just not sure who's voice is louder.
There's a couple of good reasons why a:c euro readers might feel more positive about the EU than others, but first some of those voices.
There's an amusing but cynical roundup of anniversary events from ForeignPolicy.com (listed here)...
- Belgium is hosting a veteran rock concert
- Denmark is giving away free buns
- Ireland is organizing a “Prayer for Europe”
- Luxembourg is arranging a circular walk
- Romania is establishing ...
..a European Union Internet chat-room
- Spain is producing a giant puzzle
- Slovenia offers free parachute jumps (“very liberating”, writes the FP, “a chance to escape the EU, perhaps”)
- Berlin is hosting all-night rave featuring 100 DJs in 35 clubs, not to mention free beer and sausages and a rock concert at the Brandenburg Gate
Another British voice, with a different attitude, is quoted by Radio Netherlands. He points out that fifty years ago "less than half the European continent was democratic. Eastern Europe was Communist, Spain, Portugal and Greece were dictatorships. The EU has spread democracy, stability and security and prosperity across the whole continent. Never since the Greeks invented the word 'Europa' have there been fifty years of peace and prosperity. NATO has helped but it's largely due to the EU."
And Irish rocker-turned-VC Bono mentions the US contribution to it all and the impact on Ireland and his hope that there'll be more of the same for other parts of the world.
Say what you will, the Europe Union has got some things going on. There's the Euro, a single currency used in the regions largest countries (and will be used in the new demographically strong members joining this year) and it is accepted across the region and around the world. It has also grown in value. We'd have made a bundle if we'd bought those speculative currency funds our brother-in-law was selling back in 1992.
Funds from the EU backed the GSM digital cellular standard (a success - but no comment on operator roaming charges here), and its citizens have the right to cross borders, travel and work in EU countries (although only 1.5% of the population has actually done it), and its environemntal investments are cool like Natura 2000 (the biodiversity project).
And for a:c euro readers, the European Investment Fund (EIF) is important. As Real Deals recently wrote, “The EIF has built a reputation for providing crucial cornerstone commitments, and providing financing for emerging managers and untested territories.”
With some similarities to state-backed small business support that the US has, the EIF's contributes to entrepreneurship via co-investments and sometimes sponsorship investments in European VC funds.
Like it or not, a lot of the investment in the current generation of startup has been enabled by profits made from EIF-supported funds that invested during the last cycle in companies like Skype (acquired by eBay), Kelkoo (acquired by Yahoo for half a billion euros in 2004), and Cambridge Silicon Radio (billion euro Bluetooth chipmaker).
View Europa 50
Read - Europe’s 50th Anniversary Clown Show (foreignpolicy.com)
Read - EUROPEAN PRIVATE EQUITY’S MOST INFLUENTIAL 2006 (real deals)
Posted on March 25, 2007 08:03 AM | Posted to Being European | Permalink
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