Britain & EU

The Failure of a Forced Marriage

What would really happen?

Interestingly enough, German bank Deutsche Bank is the single largest employer in the financial services sector in London. If we are no longer part of the EU – with no influence over future financial regulation in the currency bloc – will big banks want to be based in London? uk.finance.yahoo

To defend one of the prime culprits

It is known that Vince Cable, the business secretary, and Chris Huhne, the energy secretary, were less eager to see the UK sacrifice its role in Europe to defend a deregulated City of London, one of the prime culprits for the credit crunch. guardian

The European Union dropped the hypocrisy

The European Union on Thursday night dropped the hypocrisy. No longer is harmony the overriding goal. That, though, means that Great Britain may no longer have a place at the table. spiegel

For your own sake and for ours

Prophecies of doom are mounting as the euro zone hurtles deeper into crisis, and the world pins its hopes on Germany to solve it. The country has been thrust into a leadership role it has avoided for decades, isolating Berlin from its partners, say commentators. Poland's foreign minister has implored the country to save the euro "for your own sake and for ours." spiegel

Note: mainly for ours...

Economic and political union

A monetary union, a currency, needs an economic and political union to walk properly. The markets were targeting that weakness in the euro's construction. But Barroso also delivered a message that went to the emotional core of the European project. Born in the aftermath of war, ruin and destitution, surely the European project could cope with an army of bond traders, however powerful. guardian

Note 1: '"What's the alternative?" asks one senior EU official. "We have seen democracies outstripped by the markets, which have forced decisions on elected governments. So that democratic freedom has been curtailed. How do you respond? Do you let that continue, or do you move towards stronger economic governance? And which is more legitimate, the rule of the markets or economic governance by representative institutions in which governments have a say?"'

Note 2: "People are ready to change when they understand there is no alternative."

Believe it or not *

Believe it or not, but Greece, with a population of 11 million and economy a sixth the size of the United Kingdom, is one of the most important factors for the global economy right now.

It was the source of Europe's sovereign debt crisis after it was revealed more than two years ago that the southern European nation had borrowed more than double what it could afford to pay back.

Combine that with a problematic tax system - reports suggest there are more Porsche Cayennes in Greece than people who declare to the tax authorities earnings over €50,000 - and you can see how its fragile debt dynamics came crashing down. yahoo/forex

* Greece is a failed state because the corruption. And Italy? *

* (and Portugal? Where its despotic and corrupt "elite" - public or private, usually "mix" - take anything and everything from the public domain and from the public treasury!)