Ireland and Greece Euro economies gone bad
The people of Ireland and Greece are suffering in the Euro. The Irish have taken their medicine on the chin while the Greeks are reluctant to accept it. In both cases it isn’t clear why the countries are in the Euro. Their economies are so small that they are always going to get little consideration when it comes to supporting the Euro. If Germany needs an adjustment in the interest rate then the interest rate will change. If Greece needs it, well that’s another matter.
The Euro is a good idea but the criteria for membership isn’t rigorous enough. If the UK had been in the Euro there is no way Germany and France could have supported it in the recession and we’d be facing massive pay cuts and redundancies. Even EUphile me has realised that keeping out of the Euro has been a major plank in helping the UK economy in the recession.
It would be interesting to read any other thoughts on UK membership. The Liberal Democrats support joining the Euro and maybe in next weeks leaders debate the subject will come up.