So there’s this degree I've got - a B.A. in 'Economics'.
I scraped a 2.2 a long time ago and haven’t dusted off my Smith, Keynes or Samuelson since.
Thus, economics wizard I am not.
But, thought I, back in the 90s when everyone and his dog were slavering about the brilliance of being 'In The Euro' while howling about the madness of being out of it, Hang On!
Er - a single currency means the same interest rate across member countries, yes?
Um - countries with economies as diverse as Greece and Germany, Ireland and Italy need different interest rates, yes?
Despite my degree not including a bit of politics (as in a ‘PPE’ from The Other Place), I also thought (back in the 90s):
Er - a single currency must be managed by a single government, yes?
Um - political union before economic union, yes?
Back in the 90s, I waited and waited to hear a single euro-fan from the benches of our HoC, in the pages of our FT, on the airwaves of our BBC, address such ignoramus-like questions. I don’t remember the questions even being asked.
All I ever heard from the mouths of really REALLY brainy euro-fans was how convenient The Euro would be for tourists, importers and exporters.
I had one further thought then that, being an ignormaus in economics, I put to the back of my brain. (Annoyingly, it's been popping round to the front for years and years.)
Er - um - it’s going to be a bit of a mess, no? Yes?
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Tuesday, November 8, 2011
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