I was for it before I was against it. I thought the concept of a European Union would offer the ultimate testament to the wisdom of our Founding Fathers. Then I saw the leaders of the European Union use it to muscle American companies (e.g. Microsoft) into regulatory submission rather than focus on a necessarily slow absorption of 27 different countries, each with more than a millennia of history, culture and politics.

Instead, the EU moved with the speed of the market, in part because the market was driving the union. In 2003, the Euro began replacing the national currency of some of the EU members. Today, 17 of the 27 countries use the Euro. Significantly, the United Kingdom opted out of the Euro, and as things stand today, that looks like it might have been a smart move.

I just spent two weeks in Italy, one of the countries that booted its own currency for the Euro. For those who don't remember, the Italian Lira was one of the most laughable currencies ever to exist. Near the end of its existence, it took on almost the demeanor of play money, with thousands of over inflated Lira equaling a single dollar. The first time I visited Italy in 1987, I discovered how unserious a currency the Euro was. Many Italians would gladly accept my dollars in lieu of Lira. Along with the bulk of the EU, Italy gladly jettisoned the much mocked money in hopes of gaining some respect with the Euro.