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Old 21.11.2018, 16:00
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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"I saw this programme once with Michael Portillo that says the Euro is great, so it must be!"

Back in the real world, it's been a disaster. People are finally starting to wake up and realise it too. Whilst it's been pretty good for Germany, it's been catastrophic for Greece. In Italy, real incomes have fallen since joining the Euro, whilst inequality has risen, together with their pile of debt. Italy are prevented from applying the fiscal measures that they wish to because the EU won't sign off their budget.

Then you move onto the real problem with the Euro, which is how to set monetary policy with a one size fits all philosophy when you have so many different economies to consider? You can't, which is why it'll either eventually fail, or several countries will fail in order to keep the Euro going.

Just because people like it, which remarkably still holds true, it doesn't mean it's a good thing. If anything will end the EU, the Euro will likely be it. The flip side is that in order to make the Euro work, more Europe is needed (banking union, adjustment mechanism between countries, common tax). Which is why Margarete Thatcher was right when she said the Euro was just a back door way of creating a federal Europe.




Well if they're paying all the money for NATO, why shouldn't they call all the shots?


hope you don't work in finance
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