‘F’ The Euro
You may notice that I have said nothing about the euro, the
Single Currency, which is an essential part of the
Project, but which is off our national agenda for the time being. I have space to deal only with its worst
First- It is not an economic
project at all. It was always a purely political project, designed as the
cement to hold the emerging EU mega-state together.
Second-It also has serious design faults. The euro-zone has no
common language, its mobility of labour is low, and its single interest rate cannot
suit 12 [let alone 25] different and diverging economies for long.
Thirdly- Above all, no currency can endure unless taxes are paid
from rich to poor regions within its area (e.g. South to North in the UK; West
to East in Germany; North to South in Italy; [as] the Federal Budget in the
There is no federal budget to speak of in the EU, and of
course the plan has always been to set one up in response to the stress, which
will therefore occur in the euro-zone.
No prizes for guessing who will be in charge, or what this would do to
our tax rates if we join.