LordChaverly Posted November 27, 2010 Share Posted November 27, 2010 An interesting article below by Peter Oborne, which reminds us of the debate about the issue of European monetary union during the last phase of Thatcher's premiership. Thatcher of course strongly opposed the idea of the single currency on both economic and political grounds. In particular, she thought that the economies of Europe were too diverse for monetary union to make any sense. The immediate issue was the UK's entry into the Exchange Rate Mechanism, which Thatcher also fought against, despite the 'group think' of the time in favour of entry. The UK's entry into the ERM was, of course, a disaster (in fact for very similar reasons why the euro project is proving disastrous for several members of the eurozone). If only Europe had listened to her warnings, instead of pursuing the fundamentally flawed dream of European monetary union. http://blogs.telegraph.co.uk/news/peteroborne/100064330/margaret-thatcher-knew-the-single-currency-would-devastate-europe/ Link to comment Share on other sites More sharing options...
Grandad.Malky Posted November 27, 2010 Share Posted November 27, 2010 Yep they have a good track record. Two interest rate changes in one day and then they still had to cut and run ………….. Link to comment Share on other sites More sharing options...
Mecky Posted November 27, 2010 Share Posted November 27, 2010 It's just his opinion and personal opinions count for nothing. The US Dollar is more or less the single currency in any case as it's the major trading currency around the world and has been for decades. The current economic crisis has little to do with the single currency. Link to comment Share on other sites More sharing options...
Guest sibon Posted November 27, 2010 Share Posted November 27, 2010 It's just his opinion and personal opinions count for nothing. The US Dollar is more or less the single currency in any case as it's the major trading currency around the world and has been for decades. The current economic crisis has little to do with the single currency. But the lack of flexibility for sovereign nations is making it worse than it needs to be. Not joining the Euro was one of Thatcher's very few successes. Link to comment Share on other sites More sharing options...
LordChaverly Posted November 27, 2010 Author Share Posted November 27, 2010 It's just his opinion and personal opinions count for nothing. The US Dollar is more or less the single currency in any case as it's the major trading currency around the world and has been for decades. The current economic crisis has little to do with the single currency. You obviously don't understand what a single currency entails. The dollar is only a 'single currency' within the US, which of course is much, much nearer to being an optimal currency area than the eurozone. The dollar's position as a trading and reserve currency is a totally different issue to that of European monetary union. Link to comment Share on other sites More sharing options...
evildrneil Posted November 27, 2010 Share Posted November 27, 2010 I'll quite hapilly admit to being a europhile but common currency without common economic policy was never going to work. Link to comment Share on other sites More sharing options...
denlin Posted November 27, 2010 Share Posted November 27, 2010 hardly take anything the wicked witch of grantham said with any degree of accuracy as she ruined the working people of this country Link to comment Share on other sites More sharing options...
Grandad.Malky Posted November 27, 2010 Share Posted November 27, 2010 hardly take anything the wicked witch of grantham said with any degree of accuracy as she ruined the working people of this country Careful, you will have the full weight of the coalition on your back. Link to comment Share on other sites More sharing options...
denlin Posted November 27, 2010 Share Posted November 27, 2010 Careful, you will have the full weight of the coalition on your back. I've got a broad back:hihi::hihi: Link to comment Share on other sites More sharing options...
wednesday1 Posted November 27, 2010 Share Posted November 27, 2010 Yep they have a good track record. Two interest rate changes in one day and then they still had to cut and run ………….. Would that be the party of sound economic governance by any chance?:hihi: I think in years to come Lamont and Dismal Johnny will be considered competant compared to Dave, Nick and George. Link to comment Share on other sites More sharing options...
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