Open skies, globalization, and markets

EU ministers agreed Thursday to allow European airlines to operate transatlantic flights to the US out of British airports for the first time. Analysts expect that airfares are going to take a precipitous dive as a result, which is great for consumers. Obviously the British were less than enthusiastic about the deal, threatening competition in an area where there was previously none, but hey – that’s capitalism. They did secure one concession, however, requiring that American airports be opened to European carriers within the next two years. Again, more good for American consumers.