A Quote by Nick Clegg
If the euro zone doesn't come up with a comprehensive vision of its own future, you'll have a whole range of nationalist, xenophobic and extreme movements increasing across the European Union. And, frankly, questions about the British debate on EU membership will just be a small sideshow compared to the rise of political populism.
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The Financial Times is pro-British membership of the European Union. We have taken that position for decades. But we are not starry-eyed about the European Union. And we do not believe and have not believed for at least 10 years that Britain should be part of the euro.
Between now and then, after 43 years of European marriage, the whole body of legislation will therefore have to be disentangled. That entails a whole range of specific and very complex questions: what will be the future legal status of the millions of EU citizens in the UK and the millions of Britons on the continent?
Thanks to the euro, our pockets will soon hold solid evidence of a European identity. We need to build on this, and make the euro more than a currency and Europe more than a territory... In the next six months, we will talk a lot about political union, and rightly so. Political union is inseparable from economic union. Stronger growth and Euorpean integration are related issues. In both areas we will take concrete steps forward.
We link our future to the euro, to the euro zone, and to the European Union while being the nearest neighbor of the United Kingdom with, obviously, a common travel area and a very close working relationship with the U.K.
I should also say that apart from the negotiations that are taking place within the WTO, we are ourselves involved in all manner of bilateral negotiations, or, if they are not bilateral, with the South African Customs Union and the European Union. All the member countries of the European Union have now ratified the agreement that we have with the EU and that opens up the EU market in various ways.
If we left the European Union, it would be a one-way ticket, not a return. So we will have time for a proper, reasoned debate. At the end of that debate you, the British people, will decide.
We need a change of course in the European Union. The most important is the focus on the big questions and a European Union that steps back on the small questions.
For a small open economy that trades mostly with the euro zone it makes absolute sense to be part of the currency union. Our currency has already pegged to the euro since 2002. We don't have an independent monetary policy. We are regulated by the European Central Bank in Frankfurt, but we are not able to reap all the profits. Our businesses want to save the transaction costs.
There is a proposal to divide the currency zone into a north and a south euro. There is also the idea of setting up a core monetary union in the middle of Europe. I disapprove of these debates. Instead, we should devote all of our efforts to supplementing the monetary union with a political union.
The euro zone must strike for a better governance structure, and there is no alternative to that. Euro zone countries must either develop an exit mechanism for troubled members, or it should embrace a closer political union: an effective governance structure that is capable of enforcing rules.
The Czech Republic, severed from its old Slovak half, sits in apparent landlocked contentment, inside the European Union but outside the troubled Euro Zone, set into the new Continental mosaic like one of the small sturdy paving stones, just a few inches square, that form the sidewalks under the visitor's ambling feet.
Norway has a relationship with the EU which is very close. It has to accept most EU rules. It has to pay EU membership fees. It has free movement of people just like other EU countries, but it's not actually in the EU.
So when you are faced with a decision on the euro, it is not surprising that many people are confused. They still try to squeeze the euro debate into the old language. But deep down it is a matter of deciding where one's future lies. It is a matter of political will and courage.
There's a widespread cultural barrenness across art and political culture. But there are some pockets of resistance on the extreme margins, like the techno-savvy protest movements, small press, the creator-owned comics, that seem to be getting some signs of hope for the future.
Climate change is a controversial subject, right? People will debate whether there is climate change... that's a whole political debate that I don't want to get into. I want to talk about the frequency of extreme weather situations, which is not political.
The euro must be defended, or uncertainty about the European Union will be widespread.
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