Saturday, June 25, 2016

Quote of the day 25th June 2016

"As their price for supporting German unification, France and Italy pinned Germany down to a timetable for an overhasty, ill-designed and overextended European monetary union. As a result of their liberation from Soviet communist control, many poorer countries in eastern Europe were set on a path to EU membership, including its core freedom of movement. And 1989 opened the door to globalisation, with spectacular winners and numerous losers.

Each of these chickens has come home to roost in Britain’s referendum. Since the financial crisis exposed the structural flaws of the eurozone, the continent’s economic weakness has been a key argument for leave, just as the continent’s economic strength was a key argument for remain in the referendum of 1975, when Thatcher wore that jumper.As for the 19 countries locked into the catastrophic, one-sized-fits-all single currency,” the Daily Mail wrote on referendum day, urging its readers to vote leave, “ask the jobless young people of Greece, Spain or France if the euro has underpinned their prosperity.”

England is revealed as a house divided against itself: London and the rest, rich and poor, young and old. (Some 75% of those under 25 voted for remain.) This was Black Friday for one half of England, Independence Day for the other half. We will pay the economic price for years to come. The costs will probably fall especially hard on the less well-off English who voted for Brexit."

(Timothy Garton Ash, extracts from article in the Guardian,  here)

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