A Quote by Jean-Claude Juncker
In the end, the British didn't vote to leave because of the euro. They're not even members of the currency union. Even the refugee crisis hardly affected the country.
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Britain is not part of the single currency. That is a decision we have taken, a voluntary decision of this country, but as a result are part of a European Union 19 of whose members are rapidly integrating, creating political, fiscal, monetary, economic union to make their currency work. And that is increasingly rubbing up against the operation.
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.
At this time - we're in a dramatic crisis - euro bonds are precisely the wrong answer. They lead us into a debt union, not a stability union. Each country has to take its own steps to reduce its debt.
Concerning the common currency: today, the euro is not worth it for Poland. The reason why we survived the financial and economic crisis quite well is that we have a national currency. This will not change in the near future.
I was trying to hold up a mirror to this country, to reflect the past years or so, and the varying degrees in which we've been affected by the war(s) that doesn't seem to end. And we've all been affected somehow, even if we have no connection to the military, even if we don't know anyone who's killed or been killed. No one escapes something so large.
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.
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.
A cheaper British currency could be a crisis if its swift move provoked a broader financial crisis, which it has not, or if it triggered massive inflation. For now, cheaper sterling will hurt some British households and enterprises while being a boon for others.
'Ever closer union' is one of the totemically controversial phrases in the European Union's Treaties. It seems to give weight to the view that the scheme is designed to end in a single state and that those who agreed the texts have long know this, even if they have been unwilling to admit it to the British people.
The British people have decided to leave. It is a sad decision but one which I respect. The vote puts the European Union in difficulties. It must recognise its shortfalls.
We must have more union members in this country to fight the political and business forces that are undermining workers in this country. The AFL-CIO has chosen the opposite approach by planning to throw even more money at politicians.
I don't want to leave euro or leave the European Union.
Labor union members, especially white men, are the target group for Donald Trump. He's had a lot of success in getting their support. So, it's not at all clear that labor unions will be able to do as much as they once could to get their members to actually vote for the candidate the union itself supports.
I don't say every country has to leave the euro... But we have to leave the possibility if a country wants to leave.
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.
We will work to modify and remove some European parameters, but regarding the euro, I remain convinced that the single currency is destined to end: not because I want it but because the facts, common sense, and the real economy dictate it.
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