Given the EUs history on democracy what do you reckon?
They were 'reactionary far right lunatics' etc... because they warned that the single currency, in its very structure, would undermine national sovereignty. To be fair some of them were apparently a little 'eccentric'; I am told that one old Conservative MP used to say "Bless you" whenever an MP or Minister mentioned ECU (this being the polite response in Britain when someone sneezes). You are right though; the single currency as it was origional set out inevitably created the problems they face today. Of course what it is realy about on another level is trade imbalances; Germany always had the industrial base to export to Southern Europe and France has an inbuilt agricultural advantage (CAP) so the trade balance favours those countries more aligned to them (which is kind of the point when avoiding war is the goal). If Greece etc had retained their own currencies then their currencies would have dropped relative to the D-mark and Franc and the system would have self righted itself; it becomes more expensive for Greeks to buy German cars etc... and cheaper for Germans to buy Greek holidays etc... Of course if one looks at the problem in terms of trade imbalances it actualy looks worse. Greece would need 10-15 yrs and billions of euros of investment as well as 'structural reforms' to the tax system etc etc to compete with Germany or Sweden. It also looks worse in that they are trying to politicaly enforce this trade imbalance essentialy 'forever'.
The system is unelected and unaccountable and has failed economicly. The sooner these idelogues are kicked out of power the less blood will be spilt. If they continue to disregard our democratic rights it will end undemocraticly.



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