An architect of the European Union, Jacques Delors, has just stated in an article that the Euro setup was flawed from the start and the participants knew this but chose to ignore it, it has always been obvious that for a single currency to work you had to have full monetary union and most likely full political union with the national governments becoming the equivalent of powerful regional councils.
The Euro-Zone participants chose to ignore the obvious and took an enormous gamble, not only with their own but with the world economy, during boom times the Euro-Zone was fudgable but in a downturn there is nowhere to go and they have brought the whole worlds economies to the brink, to make it worse the Euro-Zone ignored its own rules and economic figures were fudged to make things appear right. Further reading
And they haven’t stopped fudging the rules, when they carried out the strength checks on the banks throughout mainland Europe they were described afterwards by some commentators as similar to the Irish attitude to the driving test some years ago, if you had failed your test 3 time you automatically got a licence, the UK banks were rigorously tested and are amongst the strongest in the world.
So now we have a sort of part financial union suggested by Angela Merkel for the Euro-Zone and everyone seems worried that the UK will lose influence within the European Union because we are not part of the Euro-Zone but that is obvious and correct. We will lose influence within the 17 members of the Euro-Zone, we are not and will not be members so the Euro-Zone members have the right to decide their own fate on issues that only impact the Euro-Zone, whilst we are still members of the European Union we must ensure that all matters that affect the whole 27 must be agreed by the whole 27 countries.
We must remember that the majority of our country don’t want to be a member of the European Union anyway and then our influence will return to the normal influences, country on country, then we can become what we should be which is a world trading nation, just getting our fishing rights back would be a major financial benefit in years to come.
It remains to be seen how the current situation plays out, we are in totally unchartered territory though we pray for success but even if all seemingly goes well and the Euro stabilises I think the plans put forward by Angela Merkel have grave dangers of social unrest lurking beneath the surface and that could be the thing which eventually blows the European Union apart!