Why Rejoining The Eu Is Then Problematic

In his latest piece Wolfgang Münchau writes that if Brexit happens then

“the European Union you lot may wishing to rejoin volition endure different from the ane you lot are leaving. From a British perspective, the European Union was fiddling to a greater extent than than a customs spousal human relationship together with a unmarried market. If the U.K. always decides to rejoin, it would possess got to practice so nether Article 49 of the Treaty on European Union. That would endure the amount Monty — amongst the euro, the Schengen zone, European Union interest inward abode affairs, no opt-outs, together with no budget rebates.”

He is in all likelihood right. Probably because no ane tin post away endure sure how the European Union volition evolve, but its history suggests it is unlikely to evolve inward the direction of reducing its scope.

However he draws the incorrect implication from this. He says that those arguing for Remain should give up, bring that the U.K. volition leave of absence the EU, together with kickoff thinking most making the illustration for rejoining. Münchau has gone from misunderstanding the economical arguments to only discounting them.

If I was asked whether the U.K. should rejoin the European Union on the price inward Article 49, which way joining the Euro, I would non know how to respond. Joining the customs spousal human relationship together with Single Market is unquestionable beneficial from an economical cry for of view, but joining the Euro amongst its electrical flow construction is almost for sure bad for the UK.

Austerity may possess got ended inward the aggregate Eurozone, but the lessons from the Eurozone crisis possess got hardly been learnt. The financial rules that European Union countries are meant to follow are a disaster. The ECB was forced to practice OMT, together with thus tin post away human activity equally a lender of terminal resort, but whether it invokes OMT or non remains solely inward the hands of this largely undemocratic together with unaccountable institution. No other primal banking concern inward the Blue Planet has this form of ability over whole countries, ability that nosotros possess got seen it deploy against EZ members during the crisis together with afterwards the crisis.

None of this way that the Euro has to fail. As nosotros possess got seen, at that spot is no pop volition to leave of absence the European Union inward Republic of Ireland or Greece. In add-on most countries possess got no want to formalise a 2 speed European Union (which is inward my stance a shame). As a result, a province similar the U.K. should cry back real seriously most giving upward so much of its liberty past times adopting the Euro. This is why the conclusion non to bring together inward 2003 was correct, together with why the opt out from the Euro inside the European Union was so useful to us. The organization that nosotros had, together with which nosotros possess got decided to leave, is so valuable it is worth fighting for every inch centimetre of the way.