EUROZONE
UK must accept its European destiny
- Published: 7 Dec 2012 at 00.00
- Newspaper section: News
Europe has disturbed and divided British politics for years. But now mainstream politicians from the governing party are openly making the case for Britain leaving the European Union, or radically changing its relationship with it _ which may amount to the same thing _ with the sympathy of some of our nation's leaders and far wider support among the public.
Tony Blair
The reason for this resurgent scepticism and hostility toward the EU is not hard to fathom. Europe is in crisis. The euro's design flaw _ an economic union motivated by politics but expressed in economics _ has become manifest. Structural changes to economies that experienced a sharp fall in interest rates when they joined a Germany-dominated currency bloc now must be made quickly, in crisis, and without the luxury of devaluation.
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