After Cyprus crisis euro still is wanted

It defies belief that Poland and others are still interested in joining the economic doomsday machine single currency.

It was some time ago, so it's hard to remember the exact wording of the question, but I certainly remember the answer. Clearly exasperated by my assumption that the Euro was a rickety structure, Michel Barnier, European Commissioner for internal market, insisted that not only was it quite stable, it was so obvious, it is desirable that within five to 10 years it will be expanded to include 27 members of the European Union, one bar, one of which with us, of course.

euro still is wanted

Category: Finance Viewing 2846 | Added in June 11, 2013

17 Responses

  1. avatar Ebby Says:
    June 11, 2013

    Polish Premier Tusk, his ministers and economic advisers are apparently wiser than DT's Jeremy Warner when they stay on course for the €. Because the European Union and the € are no "doomsday machine" or "death trap", but the legitime aspiration of most Europeans to live in a Federal Union. Unbelievable? Maybe. for diehard old school "experts".

  2. avatar alcalali Says:
    June 11, 2013

    Ebby, Would appear to be a devotee of the Euro Never Never land.As someone who lives in Spain we here know the pain of central control and the inability to set our own interest rates.

    The One Size Fits All idea is discredited by the disparity between the affluent north and the bankrupt northern mediteranian rim.Polands politicos are shown to be just as incompetent as the rest of Europes political elite or are they just looking for a bail out once they have the Euro.

  3. avatar Ianbio Says:
    June 11, 2013

    I think you may be right. It may be the destiny of Europe to become a federal non democratic dictatorship dependent on its institutions to make that dictatorship a benign one.

    We in the UK cannot understand at a visceral level what it is like to have long land borders with neighbours we have been regularly at war with. What it is like for republics to come and go with regular revolutions. 

    The inescapable logic is for the UK to leave the EU, with our blessings to get on with the messy business of building a new supra-nation. Or of course of failing to do so. 

  4. avatar David Webb Says:
    June 11, 2013

    Poland is one of the greatest arguments for UK exit from the EU. Can you imagine if we didn't have a huge influx of scroungers from Poland?

  5. avatar Franken_Stein Says:
    June 11, 2013

    Will they offer this to the Poles as a referendum? Or will it be pushed down their throats once more, as seems to be the Modus Operandi these days in the EU.

    People should get a say on these important matters, otherwise the project becomes ever more technocratic and elitist.

  6. avatar albizu Says:
    June 11, 2013

    You pose a supremely important question: Why have British politicians betrayed the great, and highly effective, political and judical tradition which served the British people so well for no less than some 300 years? 

    When for much of that time Continental Europeans have been under the heel of dictators and absolutist rulers, or drowned in a sea of bloody revolutions?

    Why indeed!!

    The Left, obviously, because they are ideologically committed to the destruction of the nation (hence 'racist', 'populist' ) state, and because the EU offers them continuous employment and rich pickings. (Witness the career of a nobody such as Kinnock and his brood. )

    But why the Conservatives?  It seems to boil down to  money and ambition before patriotism, much as -in the 1930's - they many of them lost their backbone when faced by Hitler (with the honourable exception of Duff Cooper, Churchill, Eden, Nicolson, etc.)   I also suspect that the business interests among them are above all delighted with the ease of mass-movement of exceptionally cheap labour which the EU offers.

    Above all, in both cases, because of the creation post-1945 of a 'professional' career-political class, different to anything that has gone before in the history of Parliament: to them the temptations of Brussels are irresistible - it is a construct by the career politicians for the career politicians. 

    Not at all what Churchill had in mind when he said: 'Advance Britannia!', after the Victory in Europe.

  7. avatar moraymint Says:
    June 11, 2013

    Good comment and, for me, Peter Oborne has still done one of the best jobs of describing how the British political class has 'triumphed' over us all to that extent that 'politics' is at best of little/no interest to ordinary citizens or, at worst, is merely about screwing over ordinary citizens.  As Lord Mandelson himself told us, we live in a post-democratic age.  We live our lives despite politicians and politics, but certainly with no benefits coming from them.

  8. avatar protogodzilla Says:
    June 11, 2013

    All empires collapse. The EU has a timebomb embedded in its guts - the Euro. Brussels has shown it will not support the weaker EZ members, but will steal from its citizens. Does anyone seriously believe this has not lit the fuse?

  9. avatar prwrichardson Says:
    June 11, 2013

    "It defies belief that Poland and others are still keen on joining the economic doomsday machine of the single currency "Doesnt that say a lot about Mr Warners ability to appreciate that some people have a different opinion to himself?

    I reckon the best people in life are those who understand that a single simple answer isnt a sign of intelligence.

    Dogmatic blinkered thinking is not what I read the DT for.

  10. avatar London Eye Says:
    June 11, 2013

    The reason, the Brits are not screaming 'stop this" from the rooftops is simple. 70% of them, don't know or don't care what is happening outside of their four walls or trailer trash, council estates. If you did a survey today regarding the Cyprus problem, you would be left with blank stares or yes, its a good place for a holiday!

    We must remember; commentators on these forums, are, in the main well read and have an interest about World events, but we are a small minority. Most of our brothers and sisters have more important things in their lives, like worshipping chavs, reality tv, game shows, facebooking, binge drinking and all those important things that make this country, such a delight to be part of!

  11. avatar Lily Alldub Says:
    June 11, 2013

    Nothing like having their pockets picked by the EU, Cyprus style,  to wake up the masses.

    When they do it here, it will be the last mistake the the thieving loonies ever make.

    Then again, the reality TV generation might just think its their European duty to be raped by Brussels. They know no different

  12. avatar PurbeckPashmina Says:
    June 11, 2013

    Those who lived high on the hog on the international banking industry may turn to post WW Recessionary Neo nazis. Do you regard yourself in that category? You know, alleging a racial basis for the behaviour of your hated ones etc.

  13. avatar simondav Says:
    June 11, 2013

    Very true London Eye, I do such surveys. I spoke to a young lady of 18 a week ago, and she knew nothing of news or current affairs, nor did she care. She said she would vote Labour at the election, because she knew of nothing else, and that is what her family did. She is far from unusual. There are so many other worthwhile distractions, and I don't think the school she went to encouraged their pupils to take an interest in such matters. At least I was fortunate in that regard, and for us 40 years ago there were less distractions ! We still had fun, but were more aware of our surroundings. Those who do take an interest in current affairs tend to believe what they read and hear in the mainstream media, and it is a select few like us on this blog who do a bit more research and find out the real truth. This ignorance and apathy is a tragedy, as the people most affected by the financial crisis are young people like the 18 year old I spoke to. It serves our rulers to keep the populace ignorant and stupid by throwing a bit of footie, or X factor at them, because then they are more compliant and easily controlled. The BBC and main media gives people a McDonalds diet of Rio Ferdinand being racially abused at a football match, or Rafa Benitez not shaking hands with Alex Ferguson, so then you can hardly be surprised if people end up thick and stupid. I suppose on the plus side, if you are totally ignorant, then you have no worries apart from your own little world. Like sailor25 below, I joined the binge drinkers in the centre of Leeds last night for a few hours of blissful ignorance, if you can't beat them...

  14. avatar London Eye Says:
    June 11, 2013

    Absolutely right, sad but true; the poor state of the Brits awareness, I will be joining my daughters in Leeds in a months time, maybe I will also do some binge drinking in Leeds centre to relieve the stress and strains of blogging and commenting.

  15. avatar witchblade01 Says:
    June 11, 2013

    Agree totally with all the above comments and thats what scares me! Too many in the UK don't seem to know whats going on or don't seem to care, which as has allready been said, is the main reason the politicans in this country and EU get away with their policies and ideals. 

    Things may change one day, but until that time although I love the telegraph bloggs and probably agree with most of the comments, we are sadly only a small population of the Uk and the rest of the population don't seem to give a dam. That said the result in Eastleigh was encouraging so their is hope and I shall keep on blogging because of it.

  16. avatar albizu Says:
    June 11, 2013

    A UK customer told me that, as an experiment,  he put two questions on his facebook page: 1/' What does Cyprus mean for European stability and the safety of our bank accounts, etc?'   And, 2/ 'Do dogs have knees?'

    Respone to 1: zero.   Response to 2: 95!

    No, hardly anyone in the mass of consumer-voters gives a damn.

  17. avatar Titus Pullo Says:
    June 11, 2013

    I think it'll be sooner than that.

    There has to be SOME logic to the madness of the economic policies foisted on the British public and since there seems to be no real effort to seriously reduce the deficit (let alone the debt) it is pointing towards the creation of a Sterling crisis, the arrival of the IMF and a pre-condition of a bail-out being entry into the Euro. The political class know there's no way the British would vote to abolish the Pound so other ways need to be found to impose it. 

    I think they've identified the British weak spot and preparations are underway. And that weak spot is housing.

    Osborne has just announced the British equivalent of those hugely successful (not) US financial entities Fannie Mae and Freddie Mac. So, off we go with creating a separate entity that will eventually be an insurance fund for housing. This creates another bubble which when it bursts with a well-timed attack against Sterling and dramatically increasing interest rates cannot be nationalised a la Fannie and Freddie because there's no money left. In come the IMF and EU offering to bail it out but only in Euros. So the British public is then faced with a choice between see the UK housing market implode or joining the Euro. The end game arrives.

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