The only continent with weaker economic growth than Europe is Antarctica – Telegraph.co.uk

8 months ago Comments Off on The only continent with weaker economic growth than Europe is Antarctica – Telegraph.co.uk

Alternatively, they can be treated as the poor and backward parts of a single political unit – like the south of the US, or the Mezzogiorno of Italy. They can beg for cash subsidies to keep them going.

The trouble with this approach is that it requires the German taxpayer to be extremely generous to non-Germans – and as the programme develops, the Germans are inevitably demanding restraint on the fiscal policies of their clients, since he who pays the piper calls the tune. That is why the next step – post the UK referendum – is to try full-bore to create an “economic government of Europe”, using the single-market institutions, in a way that will inevitably drag us in – and for which the UK taxpayer will end up paying. This “political union” will be both horrifically anti-democratic and expensive; for us, too.

Then, of course, there is a third way in which people can respond to the disaster of being locked in a suboptimal currency zone, when their own region is unable to compete. They can simply move. That is what is happening now – on a scale never seen before in our lives. People are leaving the areas of Europe that are being hit by the euro crisis, and they are moving in search of work – above all to Britain. Last week we saw some astonishing figures: 270,000 immigrants from the EU – and 184,000 net. That is the same as a city the size of Oxford. We are in the throes of the fastest demographic change for 1,000 years.

The only continent with weaker economic growth than Europe is Antarctica – Telegraph.co.uk