Thursday, 15 September 2011

Lets hope the Eurozone disintegrates.

It just was never going to work. A currency Union involving countries as diverse as Greece and Germany could never work. Their economies, in terms of wealth, size and composition were just too different. Those who bravely made the case that Britain's prosperous future lay with retaining its own currency were derided as inwards looking and backwards, much as many who want to see Britain take back control of its democracy from Brussels still are today.
The Euro is an economic nightmare that has had masses of political capital invested into it by supposedly clever and powerful people from right across the continent. They however are now reduced to bail outs and subsidies of billions to keep the old dear going. But it has no future, certainly not as a mass currency union including anywhere near as many countries as currently sit within the Eurozone.

The longer the Euro limps on, the worst the catastrophic fallout will be. If Greece and later Portugal and Italy left now it would be damaging. Very damaging. But that is no reason to argue against them taking off the shackles of Eurozone membership if the alternative is to carry on and succumb to an even worse fallout later.
The destruction of the Euro will be a defining moment in European politics. It will hurt the EU fanatics who have insisted that their brand of anti-democratic nationalistic supranationalism is the way forward. The credibility of the EU its direction and its very existence will hopefully all be called into question.

Now is not the time to hope against hope that countries like Greece that have been devastated by false promises and bungling idealistic pro-EU politicians somehow cling on inside the Eurozone. The Euro's inevitable judgement day is fast approaching. It will be the EU itself which is next.

1 comment:

Geoff Courtenay said...

It was obvious it was not going to work as proved when Britain had to come outof te ERM.