Single European Currency: Single European Disaster
Sally McNamara /
Although the feckless spending of successive Labour Governments has resulted in massive decline for Britain, there is one thing that Gordon Brown got right on the economics front: he denied Tony Blair’s plans to take Britain into the single European currency.
Launched in 1999, the Euro has been the bedrock of European elites’ dream for a United States of Europe. And there’s the rub: founding a major economic program on the basis of a supranational political dream meant there was surely trouble ahead. Nowhere is this more visible than in Greece today (and in Portugal and Spain), where their governments’ desperately need national monetary and fiscal controls to restore some semblance of confidence in their economy. Instead, Greece is forced to endure the same interest rate as Germany, Cyprus, Finland, France, and Slovenia among others; unable to devalue their currency or enact measures that will restore economic competitiveness.