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Euro Frankenstein Moment

Snooty Europhiles should be forced to crawl in penitence - Telegraph
By Boris Johnson
I think we deserve an apology. By “we” I mean all the Euro-sceptics, Euro-pragmatists, Euro-realists and Euro-hysterics who were alarmed by some of the optimism that surrounded the birth of the single currency. Do you remember the disdain with which we were treated? We were told that we were boss-eyed Little Englanders. They used to say we were a bunch of xenophobic, garlic-hating defenders of the pint and the yard and the good old bread-filled British banger.
Whenever we protested about any detail of the plan for monetary union, we were told that we were in danger of stopping the great European train, boat, bus, bicycle or whatever it was. We were a blimpish embarrassment to our country, a bunch of idiot children who had to be shooshed while the grown-ups got on with their magnificent plans.
So it gives me a tingling pleasure to report that everywhere you look on the map of Europe we have been proved resoundingly and crushingly right....
Any break-up of the euro would also be viewed as a tragedy for the European “project”, and though that assumption bears closer examination, it is a fair bet that the EU’s political classes will stop at virtually nothing to keep the single currency alive and intact. Most sensible people seem to think that they will succeed, and that the contagion will not overwhelm Spain as well — but then huge numbers of apparently sensible people managed to shut their eyes to the glaring flaws in the euro.
Politics made the euro, and politics can destroy it, especially if electorates start to feel it is a machine for German domination and the destruction of benefits and wages; or if the German electorate feels that it is a machine for fleecing Germany.

Comments

Yes indeed.

I was living and working in London at the time the euro came in. Asked by acquaintances for my take as a Canadian, I used to reply that, as a tourist, I loved the idea of carrying around only one currency on trips to the continent.

However, I always quickly added that I was far less convinced from the point of view of national sovereignty and the ability of a state to control its own finances. On that basis, I thought the UK had made the right decision to stay out.

I did notice there was a clear demographic divide in terms of British opinion, with the older generation sceptical about Europe (gee, I wonder why?) and all the bright young things on the Eurobandwagon.

Of course, I would get a lot of ribbing for this view, usually followed by paeans for the Europe of the future. And the occasional patronizing quip that a Canadian wouldn't really be able to understand the Great European Project.

Definitely think we're winning on this though.

"Politics made the euro, and politics can destroy it, especially if electorates start to feel it is a machine for German domination and the destruction of benefits and wages; or if the German electorate feels that it is a machine for fleecing Germany."

The electorates are irrelevant, they've been completely sidetracked by the political elites in all the countries that matter.
And it's not German domination, it's Franco/German imperialism. Both tried to go it alone and couldn't beat the other, so now they try together and have nicely divided up the spoils.

With the adoption of the EU constitution (oops, we're not allowed to call it that) despite it being voted down decisively in every country it was put up to a vote in, it's no longer even possible for a country to leave the EU without approval from the EU (approval that under the new rules set in place in that constitution requires France, Germany, and at least one other country to approve it, at which point the EU can determine penalties to be applied to the country as a condition for leaving, the size of which is at the discretion of the EU.
Penalties of course will be so crippling that no country can afford to leave.

"Penalties of course will be so crippling that no country can afford to leave."

Though it's hard to see what more they could do to penalize countries like Spain, Portugal, Greece or Ireland!

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