Originally posted by northernladyuk
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EU dissent gathers pace
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Originally posted by OwlHoot View PostBear in mind that the Economist is a fanatically pro-EU rag, and all their past EU-related predictions and urgings have been hopelessly and hilariously wrong (e.g. We MUST join ERM, we MUST join the Euro, etc etc ...)
For the record: The Economist was cautious about Britain joining the euro | The Economist
For the record
The Economist was cautious about Britain joining the euro
May 25th 2016, 10:14 BY C.W. | LONDON
Timekeeper
I WAS asked yesterday in a radio interview about the Treasury's report, published on Monday, which predicted a sharp recession if Britain votes to leave the EU. My opponent in that debate dismissed my view on the grounds that The Economist had advocated Britain joining the euro back in the late 1990s and early 2000s. Of course this sort of argument is a red herring (if you're wrong about one thing does it definitely mean that you're wrong about something else?), but it's worth pointing out for the record that we were sceptical about the prospect of Britain joining.
First we have long been sceptical about the idea of the euro for any country. In a special report in 1998 we argued that "the European economics are ill-preared for the euro" and that "Europe does not make an ideal currency area". Our hope back then was that, with a single currency, economies like Italy, Spain and the rest would be forced to implement structural reforms that made their economies more competitive. (Of course this did not happen to the extent that it was required.)
Then, on Britain, we did do a survey of 164 economists in 1999 which found that two-thirds were in favour of joining. However, we consistently expressed scepticism about the wisdom of the project. For instance, we worried in 2002 about the impact on Britain's economy of the "stability pact", which "if Britain were to join the euro, say in 2004...would become highly relevant." The stability pact puts limits on the size of budget deficits. But we remarked in that article that "Britain's public infrastructure is exceptionally run-down" and while a policy of reducing public debt "may be legitimate for the EU as a whole" it would not be for Britain.
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In a 2003 article, we did say that the "economic benefits of Britain's adopting the euro would most likely outweigh the economic drawbacks". But, this was only on the condition that the "inept Stability and Growth Pact should be improved, preferably to the point where it ceases to exist."
So the idea that The Economist has been slavishly pro-euro from the off is just not true.Comment
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Originally posted by OwlHoot View PostBear in mind that the Economist is a fanatically pro-EU rag, and all their past EU-related predictions and urgings have been hopelessly and hilariously wrong (e.g. We MUST join ERM, we MUST join the Euro, etc etc ...)Comment
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Those who play chess well know how to forecast next few moves.Comment
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Originally posted by AtW View PostThose who play chess well know how to forecast next few moves.
What does HMG playing, polo or croquet?Comment
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Originally posted by northernladyuk View PostWork in the public sector? Read the IR35 FAQ hereComment
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Originally posted by OwlHoot View Post
However, not to worry because: it's going to be a jolly red, white and blue Brexit, all washed down with lashings of ginger beer!Comment
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Originally posted by OwlHoot View PostAt last, a common sense indisputable fact about the EU, and from AtW of all people!Comment
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