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Why has the Eurozone been such a failure ?


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Old 27-12-2016, 00:23
Eurostar
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Under EU rules at present, Sweden is obligated to join at some point. Denmark has an opt out and is not.
That requirement has been in place since 1994, with no sign that any pressure will ever be placed on them to join.
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Old 27-12-2016, 00:27
MTUK1
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That requirement has been in place since 1994, with no sign that any pressure will ever be placed on them to join.
Really?

http://www.telegraph.co.uk/finance/e...-the-euro.html
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Old 27-12-2016, 00:35
rusty123
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I'm no economist, but I said the same thing before the Euro was introduced.
You don't need to be an economist, a rocket scientist or an "expert" in anything to be able to apply common sense. The only point of interest to me would be why it was ignored in the first place. It must have been a deliberate act of willful ignorance because it was as obvious as a 17 stone bluebottle bathing in a small bowl of tomato soup as far as I was concerned as well.
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Old 27-12-2016, 00:39
MTUK1
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You don't need to be an economist, a rocket scientist or an "expert" in anything to be able to apply common sense. The only point of interest to me would be why it was ignored in the first place. It must have been a deliberate act of willful ignorance because it was as obvious as a 17 stone bluebottle bathing in a small bowl of tomato soup as far as I was concerned as well.
It was ignored because nutcase fruitloop non entities in Brussels were so desperate to create their European dream.
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Old 27-12-2016, 00:44
Eurostar
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Yes, really. The Swedes have already held a referendum on Eurozone membership and rejected it, making it virtually impossible to be imposed on them.

That article is an opinion piece from a strong pro-Brexit campaigner.
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Old 27-12-2016, 00:52
MTUK1
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Yes, really. The Swedes have already held a referendum on Eurozone membership and rejected it, making it virtually impossible to be imposed on them.

That article is an opinion piece from a strong pro-Breixt campaigner.
Nothing is impossible in the EUSSR. Did you forget your country being asked (forced) to vote again in referendums? No way could they get away with that here.
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Old 27-12-2016, 00:59
rusty123
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It was ignored because nutcase fruitloop non entities in Brussels were so desperate to create their European dream.
They aren't only in Brussels. Listen to the likes of Jeremy Corbyn when he talks about discussions with other left wing parties across Europe and it's clear to see that his dream is one ruddy great borderless socialist super-state. The ultimate melting pot where we're all coffee coloured and skip hand in hand through the fields with our fellow brethren to the sound of Blue birds...
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Old 27-12-2016, 15:42
Moxey
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The mighty pound would buy €1.42 of those rubbish euros back at its launch.
Today, a pound of the super soaraway currency buys €1.17.
It must fill you all with pride. Still, at least it's good for exports. Anybody want a PYE television? A Rover 75? Coal?
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Old 27-12-2016, 15:53
MTUK1
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The mighty pound would buy €1.42 of those rubbish euros back at its launch.
Today, a pound of the super soaraway currency buys €1.17.
It must fill you all with pride. Still, at least it's good for exports. Anybody want a PYE television? A Rover 75? Coal?
It's a err free floating currency. You're probably not used to those being in favour of the communist ERM. Tell us his the mighty Euro is faring against the Dollar?
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Old 27-12-2016, 15:58
Moxey
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It's a err free floating currency. You're probably not used to those being in favour of the communist ERM. Tell us his the mighty Euro is faring against the Dollar?
Good thinking - let's not dwell on the pathetic Pound. A Sterling idea!
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Old 27-12-2016, 16:05
MTUK1
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Good thinking - let's not dwell on the pathetic Pound. A Sterling idea!
You can't answer I see. Perhaps it's because you do understand that currencies go up and down. Including your beloved Euro which is down at the moment. Are you British? If you hate your currency so much, there are 19 other countries using the Euro you could move to? All facing up the the imminent collapse of their crazy goal of currency union.
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Old 27-12-2016, 16:22
Moxey
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You can't answer I see. Perhaps it's because you do understand that currencies go up and down. Including your beloved Euro which is down at the moment. Are you British? If you hate your currency so much, there are 19 other countries using the Euro you could move to? All facing up the the imminent collapse of their crazy goal of currency union.
"A err", as you'd say yourself, I quoted the exchange rate now and then. It's self-evident that I know that currencies go up and down. That's why I referred to it! Am I going too fast for you? The Euro's up, Sterling's tanked. Throwing around, albeit, weirdly quaint words like Communist rather than reading and thinking carefully before posting does you no favours. Neither does the "if you don't like it, leave" stuff. At best, it comes across as ignorant, at worst it Has a whiff of. something more sinister.
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Old 27-12-2016, 16:26
MTUK1
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"A err", as you'd say yourself, I quoted the exchange rate now and then. It's self-evident that I know that currencies go up and down. That's why I referred to it! Am I going too fast for you? The Euro's up, Sterling's tanked. Throwing around, albeit, weirdly quaint words like Communist rather than reading and thinking carefully before posting does you no favours. Neither does the "if you don't like it, leave" stuff. At best, it comes across as ignorant, at worst it Has a whiff of. something more sinister.
Still waiting to hear the current Eur USD exchange rate now and a year ago. I think I'll have a long wait. No worries. You said it's up.
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Old 27-12-2016, 16:27
ireland2day
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2016 saw British sterling as the second worst performing currency globally.
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Old 27-12-2016, 16:27
peter05
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Because it has had the UK in it, roll on another 2 years when the UK has gone ( in my dreams)
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Old 27-12-2016, 16:29
MTUK1
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2016 saw British sterling as the second worst performing currency globally.
2016 saw a boom for tourism and an increase of exports in the U.K. But being anti British you'd leave those out.
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Old 27-12-2016, 16:29
MTUK1
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Because it has had the UK in it, roll on another 2 years when the UK has gone ( in my dreams)
The Euro had the U.K. In it?
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Old 27-12-2016, 20:02
onecitizen
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Is there no mechanism for countries who are suffering under the Euro which can allow them to leave ?
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Old 27-12-2016, 20:44
Jellied Eel
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Is there no mechanism for countries who are suffering under the Euro which can allow them to leave ?
Article 50. Hence why we must be punished in case other countries get ideas. Hello, Italy.

But the EU has metastasised from a simple trading community into a free-spending parasite. It's hampered growth, except perhaps with the ECB's debt buying spree.. Which we'll be entitled to maybe 200bn or so if the EU wants to buy us out of that. How the ECB fits in with Brexit and the EU's future is going to be fun..
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Old 27-12-2016, 20:54
Eurostar
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Is there no mechanism for countries who are suffering under the Euro which can allow them to leave ?
The implication from your question is that the Euro currency is the cause of all their problems, when almost certainly their difficulties lie elsewhere. Certainly a country being able to devalue its currency at a time of severe recession would be a big help, but that doesn't mean that the Euro is causing the recession. There are plenty of economists too who think that a country quitting the Euro and returning to the local currency could actually set off an even worse recession than the one they're already going through.
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Old 27-12-2016, 20:56
MTUK1
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The implication from your question is that the Euro currency is the cause of all their problems, when almost certainly their difficulties lie elsewhere. Certainly a country being able to devalue its currency at a time of severe recession would be a big help, but that doesn't mean that the Euro is causing the recession. There are plenty of economists too who think that a country quitting the Euro and returning to the local currency could actually set off an even worse recession than the one they're already going through.
Initially it might be worse but in a year or two, they'll start to do well again. Greece should be at that stage now. It should've returned to the Drachma. Yet it stupidly chose to kick the can diwn the road and keep the Euro.
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Old 27-12-2016, 21:20
Eurostar
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Initially it might be worse but in a year or two, they'll start to do well again. Greece should be at that stage now. It should've returned to the Drachma. Yet it stupidly chose to kick the can diwn the road and keep the Euro.
No guarantee of that though. That outcome would be pretty much the best case scenario but any country quitting the Euro in the middle of a deep recession would run the risk of making things even worse and something that could end up being very prolonged.
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Old 27-12-2016, 21:23
MTUK1
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No guarantee of that though. That outcome would be pretty much the best case scenario but any country quitting the Euro in the middle of a deep recession would run the risk of making things even worse and something that could end up being very prolonged.
Not really. Pretty much every country that devalues has a rough ride initially and recovers.
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Old 27-12-2016, 22:51
Eurostar
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Not really. Pretty much every country that devalues has a rough ride initially and recovers.
Not necessarily : if there is a global recession on or very slow growth, even devaluing a currency may not make much difference to a country that is in severe difficulty. Saying that Greece for example merely needs to quit the Euro, reintroduce the Drachma and all their economic problems will be solved would be a gross oversimplification : if an economy is struggling and inefficient, an economy is struggling and inefficient.
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Old 27-12-2016, 22:51
mRebel
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I'm no economist, but I said the same thing before the Euro was introduced.
Remember how those of us who opposed Britain joining the euro were called 'little Englanders'? Now those of us who voted leave are called xenophobes. Nothing new in the world.
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