From Larry Elliott, today:
The fact that Clegg et al were so spectacularly wrong about the euro does not, of course, mean that they are necessarily wrong about the need to impose the deepest spending cuts since the 1920s. But they do have form.
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Very nice article from Larry. I too was a big supporter of the Euro earlier on – but I think now that the concept can’t work properly unless we have full Euro-federalism and a “United States of Europe”. Which has its own pros and cons, but I don’t think there would be political support for such a level of political union in the foreseeable future, so the project’s a bit of a disaster.
The question now is: how long before countries start pulling out?
@Howard
I admit to having never been a fan
I like currency flexibility to price people into work
Always seemed key to me
I always wondered whether the North would have been better with its own currency