F/X weekly comment

Unless you've had your heads completely buried in the sand this week you'll probably have noticed that there has been a bit of a dust-up on the UK/Euro front over the last few days. If not, you'd hardly be likely to be reading this anyway, so I will assume that you have at least heard David Cameron's name mentioned a few times...

SuperCam - Hero or Villain?

I think you might have guessed which side of the argument I'm on. I am quite genuinely astonished at the crass hypocrisy of opposition (and some coalition) politicians complaining that David Cameron has marginalised the UK and despatched us to the outer wildernesses of Europe where no-one will listen to us and our views on the Euro will not be taken into account.

What on earth was the alternative? Can you imagine the furore if he had signed up with the rest of the lemmings at the cliff top? I doubt very much if he would have been let back into the country, let alone the houses of parliament. Sovereignty surrendered, budgets to be submitted to Brussels? Good grief, we might even have to convert to the Euro. Get real you lot, he had no choice whatsoever.


Nobby no-mates.

Let's not pretend otherwise, we are not popular in Europe now, although I suspect a few million European citizens might secretly be on our side. The sight of Sarkozy blanking Cameron in Brussels on Friday evening was a scene of pure childish petulance. I for one prefer my political leaders to have maturity and stature. Sarkozy lacks all three (stature twice).

For a while on Friday we were not alone. A few other EU but non Euro members' initial reaction was 'Your having a Turkish'*, but they soon succumbed to the herd mentality and toed the line. Countries like Ireland, Greece and Portugal had no choice of course. Firstly they are already in the Euro, and secondly they desperately need the continuing support of the Eurozone. But alone in Europe we now definitely are. There are 27 members of the EU, and 26 of them have signed up for the new financial treaty.


Should we care?

Unfortunately yes. There was no way we could actually gain from this mess that the Euro has got itself into. There is no way we can agree to be a part of this group, but being isolated will very probably harm us. We will not be able to influence any course of action that they decide to take regarding the financial stability of the Euro, but the UK is an absolutely vital part of Europe, and as full members of the European Union we maintain a very large say in what goes on. So large in fact that nothing can be done to force us into any measures we don't want to take, even by the 26 Eurozone (and wannabees) countries. Having said that though, the lemmings will have the power to act in ways contrary to our best interests.

What now?

They will continue to muddle through, at best. Precious little came out of last week in terms of saving the Euro. Germany and France may look like willing bedmates, but there is a lot of bickering going on under the sheets. The much vaunted new treaty doesn't actually introduce any new rules or constraints, it just repeats existing rules that everyone, including France, has been breaking consistently over the last ten years. Do we really expect anything to change? One commentator got it right when comparing it to having a speed limit on a motorway that no-one ever enforces. Now apparently there will be traffic police. We'll see. Maybe the Greeks will start paying their motorway toll fees. And maybe not.

1.1800 for me next week.


* Turkish bath (= laugh)