"Spain today agreed to accept emergency assistance of $150 billion."
Well, that's very big of them, I must say. I must try that myself one of these days.
I think we can all agree that the euro zone is a mess. The question is: what should be done about it? Would we be better off without the euro at all? Come to that, would we be better off without the European Union? When I write "we", I am thinking in particular of us, the British. It is all very well our standing on the sidelines and shouting at the euro countries to get their house in order. Is our own house actually in better order? What exactly is our idea of Europe? Do we in fact have the faintest idea? If so, it's never been made clear.
The only major European economy that has behaved the slightest bit responsibly in the last ten years is Germany, regardless of what you may think of its present attitude. There are certainly differences of degree in the behaviour of Greece and, say, France or the UK but the uncomfortable truth may be that we are closer to the Greeks in our profligacy than we are to the Germans.
I was going to write more in a similar vein but I fear I have taxed my brain and your patience to their limits. Is it a question now of choosing between "more Europe" and "Europe no more"? Can we get by much longer by refusing to choose?
Well, that's very big of them, I must say. I must try that myself one of these days.
I think we can all agree that the euro zone is a mess. The question is: what should be done about it? Would we be better off without the euro at all? Come to that, would we be better off without the European Union? When I write "we", I am thinking in particular of us, the British. It is all very well our standing on the sidelines and shouting at the euro countries to get their house in order. Is our own house actually in better order? What exactly is our idea of Europe? Do we in fact have the faintest idea? If so, it's never been made clear.
The only major European economy that has behaved the slightest bit responsibly in the last ten years is Germany, regardless of what you may think of its present attitude. There are certainly differences of degree in the behaviour of Greece and, say, France or the UK but the uncomfortable truth may be that we are closer to the Greeks in our profligacy than we are to the Germans.
I was going to write more in a similar vein but I fear I have taxed my brain and your patience to their limits. Is it a question now of choosing between "more Europe" and "Europe no more"? Can we get by much longer by refusing to choose?
Our former Prime Minister Paul Keating has a very brief solution to the problem he said something like "they should never have included Club Med in the European Union."
ReplyDeleteWell, he may have been right. Trouble is, it's a bit late now!
DeleteGreetings Barnaby,
ReplyDeleteI used to be keen on the Euro but have a friend in the British FO with whom for years I argued about this each time we met, usually over lunch at his or our house (as our wives are good friends).
I'm usually not easily subject to major changes of mind/heart about political matters but his quiet non-patronising arguments over the years, persuaded me some 3 or 4 years ago, that the Euro was/is fundamentally flawed.
However only over the past year or so has it become obvious that his arguments are so far as the UK is concerned, quite true in practice as well as in the spirit of our meal time debating.
For the Euro to succeed I believe huge generosity in cash and spirit will be required from Germany. The Germans are being generous but from this side of the Channel, they need to be more so: 100% or its all over is on the cards in my view.
Personally I now think that the UK should go back to EFTA or similar and leave the Common Market.