Saturday, October 31, 2015

Britain's financial stability could be threatened by closer eurozone integration unless the UK secures safeguards from Brussels that protect the interests of non-members, the Governor of the Bank of England has warned. Although Carney pre-warned his speech was a bit of a yawner I listened to every word SkyNews broadcast (they cut away after it became clear he was being VERY cautious in the way he was laying out the economic pros and cons) and my takeaway actually was he was tiptoe saying being out was in our best interests at this point given the reference to the Treaty of Rome (without a mention of the Treaty of Lisbon that has caused so d*mn trouble) and the way he kept saying safeguards to protect Britain and other non-Eurozone member states had to be in place.
Seriously, let's face it - what are the real odds Brussels will ever agree to any real economic reforms that will not go against the UK and other non-Eurozone members, really?!  I have to say I was impressed by the way he walked that razors edge, and not at all surprised he seemed to feel he had to give the facts, appear to be carefully endorsing our staying in the EU whilst really saying staying is too dangerous (references to various EU laws that clearly act against Britain's best interests)...There is absolutely no prospect that the EU will remain a multi-currency zone. As the EU moves towards economic union - and the French are pressing for swifter progress - all member states will be required to adopt the euro. That includes the UK and Carney know this. Are we to deduce that he favours Britain's joining the EZ which will require all the pain on the UK's part of synchronising its economic cycle with that of Europe that Brown and Balls judged would be politically unacceptable?  The Eurozealots want and need economic union because they believe it will be the last and essential step towards guaranteeing the survival of the single currency, putting it beyond the reach of future crises.  It's implicit in the Inners case, led by David Cameron, that eventual membership of this "safe" euro is precisely what they have in mind and that they will use a referendum vote in favour of staying in the EU as a mandate. There will be no opt outs for Britain or anyone else under economic union and the political union that will follow which will cement in place Brussels' complete usurpation of all meaningful national sovereignty. Carney is aware also that it is the dearest ambition of the Berlin, Brussels, Paris axis that will determine the terms of economic union to bring the City under full EU control. Economic union will be about harmonising all aspects of economic and financial policy across the entire EU. The City will be harmonised along with everything else.  Again, as I listened, my takeaway was he actually was saying staying in will expose Britain to grave economic dangers. It didn't change my mind at all - I have been hoping to tick the NO-LEAVE NOW box for years, decades in fact, ever since ticking that box back in the day.

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