Prior to the end of the cold war, Europe was getting the bulk of it's energy and raw materials from it's colonies or former colonies. Slowly but surely, those

Prior to the end of the cold war, Europe was getting the bulk of it's energy and raw materials from it's colonies or former colonies. Slowly but surely, those colonies gained real independence and Europe had to start paying market prices for energy. This wasn't too bad for a while, until Asia and much of the 3rd world started to industrialize. This put upward pricing on energy. Europe understood their waning influence, and formed the EU. If you want to do business in Europe, you will be subject to a lofty VAT and other regulatory requirements. This worked for a while. Since Europe was the destination for goods, industrialized former colonies sold their goods to Europe. As the quality of living has increased world wide, there's now demand for goods elsewhere. Where does this leave Europe now? They have little energy, little raw materials, little industrial capacity. The rest of the world no longer needs them. If a small nation needs capital, it can get it through BRICs on better terms. China and Russia are trying to get into the aviation market. European engineering services will be replaced by other countries. Take a picture Europe. It's all downhill from here.