Chancellor Merkel is right, only fiscal union can save the Euro, but thank goodness we’re not part of it!
A Europe dominated by Germany and France was always inevitable when the single currency was created and it’s miraculous that it’s survived this long without either a crisis or the inevitable next step. Of course the nationalistic Europeans will resist and will rightly pronounce diminishing sovereignty if fiscal union goes through. But there are only two choices now and they all made their beds when they joined the Euro.
With Fiscal union, it will soon be evident that certain economies are contributing a great deal more than others and this won’t go down at all well. So what’s next? Increasing political union has to follow like night follows day, and a European superstate will be in the making – albeit a long way off.
In the meantime, here in little England and the rest of Britain, we will avoid most (not all) of the transitional pain and retain our, sort of, independence. Our currency, as well as our freedom should flourish a while longer!
