Calling out Barroso on the euro

Daniel Hannan, MEP for South East England Mr Barroso, we keep hearing these terrifying biblical predictions of what would happen in the event of a Euro break-up. We've heard the same thing over and over again. We heard it 20 years ago in my home country over the ERM. We were told that it would be inflationary and unemployment would rise, in fact our recovery began the day we left. And carrid on for 15 years before Gordon Brown came along to mess it up but that's another story. We had the same thing in Denmark. We were told that if they voted not to join the Euro, inflation would go up, interest rates would go up, in fact precisely the opposite happened. The Copenhagen Stock Exchange enjoyed its greatest 24-hour rise in history, inflation and interest rates fell. The same thing in Sweden. I suspect that even you in your bones know that the best option now for the peripheral countries is to default, devalue, decouple. To price their way into the markets. To start exporting their way back to growth. It wouldn't solve everything but it would be an alternative to this downward spiral of deflation, poverty and emigration. And that's really what you're afraid of. Their economies would recover, the credibility of the Eurocrats would not. euroSEPTIK.cz :: reformy.cz :: svobodni.cz