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“The inevitable response of the European elite to the problems caused by the Euro is to force economic convergence by fair means or foul, and to call for "deeper integration". But as the Eurozone contracts down in an attempt to heal its wounds, causing suffering across the periphery and rising anger among austerity-hit populations, it becomes ever more inward-looking and defensive. And the growing dominance of the Eurozone in EU policymaking - inevitable, because the focus of European elites is on repairing the damage caused by the Euro crisis - alienates countries that are not members of the Euro. The largest of these, by far, is the United Kingdom.”


“A two-speed EU in which non-Euro members are systematically sidelined cannot be sustainable. The UK, as the second largest economy in Europe and by far the largest of the non-Euro countries, should lead the reconstitution of the EU into a multi-currency area in which countries have the right to use their own currency or the Euro as they decide. A sovereign bankruptcy procedure is needed, along with a formal exit procedure for the Euro: the UK, which has been friendly to Greece and other distressed countries throughout the crisis, is well placed to campaign for these. And going further, the UK can help the EU to decide how best to reform the Euro, retaining its important role as an international trade currency while dismantling the straitjacket that it creates for domestic users and for the ECB.”

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