Regulating minimum income will put more people in the European union out of work. With globalisation we are competing against all other nations, that means if the minimum wage is higher in EU the jobs will move to some developing country with no regulation on minimum pay. So people cannot long term have minimum wage regulation in the EU and then go and buy cheap products imported from countries with no such rules and then expect to keep their income/purchase parity in the long term.

Otherwise we will just under produce, the state will have more support burden, we will come under debt, we will then be owned by the bank owners who usually are always there as state lenders. Then we will be taxed for this by inflation as the state create new money to pay of the creditors, stealing from the savers.

People should read the book "Economics in one lesson" - highly recommended Chapter: Minimum Wage Laws

What we really need todo is to abolish fractional reserve banking and central banks. The really rich likes socialism as that makes the state come under more debt which is good for them as they are the lenders. We cannot have capitalism based on ever increasing debt, saving the bad banks and the bad debt. In nature most exponential growth systems indicate a disease such as cancer, thus we cannot have a financial system based on exponential growth in a world with linear resources.