Thursday, 13 December 2012

Euro Banks Draw Closer - Britain Rethinks its Position


As a teenager I think I thought that foreigners were inferior. I changed my mind when I travelled and saw that many countries organised themselves just as well as we did. In fact their transport systems were much better.  Their values were equal to ours. Their streets were cleaner without litter.

Now as an enthusiastic European it’s a bit uncomfortable to have to admit that the Euro-sceptics might be winning the argument.  With todays’ formation of a new banking union in the Eurozone Britain is going to find itself increasingly on the outside looking in.

I suppose after the recent Euro crises it was inevitable that the Eurozone would have to draw together to avoid further bailouts and that Britain would become spectators to developments in Europe. Unfortunately, greater integration between the Eurozone countries means that the non-members are forced to consider greater economic independence. Although Britain’s growth will continue to depend heavily on a healthy Euro,  UK PLC may have to look further afield in future.

One Idea occurred to me: I wonder if Britain could emulate Hong Kong.  Hong Kong thrives as an ‘Off-shore Island’ to China. It manages to capitalise on helping to service China but stands apart from it. China uses Hong Kong as a conduit to the outer world and Hong Kong reaps the benefits. Could the UK develop a similar relationship with Europe? 

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