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Joining the Euro was never going to happen anyway barring an even bigger financial melt-down

FIFY

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed May 12th, 2010 at 05:44:19 PM EST
[ Parent ]
Recall my diary: Blogging the Liberal Democrat Conference: Day One (September 17th, 2007)
The Euro was barely mentioned, but there was an intervention by someone from "The City" which I'll report here. He started out with the claim that London is subsidising the rest of the UK through its tax revenues which, as we know (ahem), are due mostly to London's position at the centre of the world's capital markets. He mentioned that the Euro Zone is taking over from the US as a global standard-setter in finance, and that this is driving international banks to establish offices in London, which (see above) is good for the UK economy. So the Euro is good for Britain because of that. But, of course, that doesn't mean that the UK should trade the Pound for the Euro. And here's where I really felt like slapping the guy to wake him up: he said there wouldn't be a case for the UK joining the Euro Zone unless and until there's some serious economic crisis which is not what "the current hiccup" is.
A hiccup, all right... This was just after Northern Rock failed...

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Wed May 12th, 2010 at 06:10:17 PM EST
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