Interesting to read that some of France’s most respected economists consider the launch of the single market and the € euro an utter failure when it comes to boosting trade, jobs and economic growth in the European Union, according to a devastating report from an official French think-tank. The research, a 300-page volume is the most damning indictment of European economic policy ever produced by an official French policy unit.
Europhiles who were convinced the launch of the euro would force European governments to reform their failing, high tax and high regulation welfare states have been proved wrong, the report says. (But who will tell Ken Clark) In an argument so radical that it has yet to be made by British eurosceptics, the French study argues that the single currency actually had the opposite effect.
"The single currency even seems to have had a numbing effect on the EU members, which no longer need to protect against a foreign-exchange crisis and have become complacent in their efforts to control spending and make structural reform…" .
And then this….
"The situation we describe is perilous: the inability of the EU to revive the economy turns investment away from the continent; persistent under-employment and anaemic growth undermine social provision and the combination of agonising economic problems, poorly-managed enlargement and a manifest exhaustion with community procedures all threaten to trigger a vicious circle which will unravel the acquis communautaire."
How fascinating to read such a refreshing perspective from these prominent French economists. They should be congratulated on their brutal honesty and only a fool would wish to see the United Kingdom enter this economic basket-case. Suffice to say that it remains offical Liberal Democrat Party policy!!!