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Friday, 8 June 2012

Thoughts and Links on Thursday's Meetings on Money

Some people are wondering what went wrong in the Eurozone. Now, I have always been against the euro, simply because when you give up your coinage and currency, you give up sovereignty. But, the real reason is simply, greed. I have had interesting conversations with several Irish people on the greed behind the rise and demise of the Celtic Tiger. This article, linked here, explains some of the ridiculous hubris of some cities in Spain. Building went out of control in both countries, without any long-term considerations, only short-term fantasies of making big money.

On Thursday, Cameron made some intelligent comments, but his chancellor made more sense by being caustious concerning the fiscal union, that is, banking consolidation, in Europe. "There is no way that Britain is going to be part of any eurozone banking union," he told BBC Radio 4's Today programme. "I think Britain will require certain safeguards if there is a full blown banking union." UK Chancellor George Osborne

There is a danger of Great Britain capitulating to pressure to change the stricter banking standards here. But, I hope the pressure lessens in these talks.

As to Greece, here is the quote of the day. Tory MP Andrew Tyrie said the IMF should evaluate the costs and benefits of a smaller euro area since Germany was "unlikely to maintain the citizens of Greece in the style to which they are accustomed".

For an interesting story on the Bank of England's meetings today, check this out. Remember the Beeb is way, way liberal.....