Thursday, 17 May 2012

The economic future of a generation is being sacrificed by the Euro..

A rigid system that locks down each state's monetary flexibility yet limits fiscal transfers between them can only resolve its internal imbalances through painful adjustment says Cameron in today's speech about the Euro. Labour then criticise him for being patronising and arrogant.

No doubt Labour continue to believe we should be a part of this disastrous economic experiment.

The truth is that on the very night that Coalition talks were taking place in May 2010, the then out-going Chancellor Alistair Darling, phoned George Osborne from a European Finance Minister's meeting to ask if the incoming government would support a bailout for Greece, whose credit had come to an end.

Nothing since has changed. Fully two years on, the same questions are being asked, the same inappropriate solutions being offered. Cameron has been remarkably restrained over that time in commenting on the Eurozone's congenital problems. Nor did we hear from Labour any warnings as to its inherent and flawed contradictions.

Meanwhile the jobs, savings and economic future of a generation of Europeans right across the continent is being sacrificed in the name of a failed economic experiment called the Euro.