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The UK faces a €149.2 billion liability to the EU

The Bruges Group’s latest report has exposed that the UK is facing a maximum potential loss of €149.2 billion on its financial commitments to the EU and the Euro. The report reveals the full extent of our obligations in respect of the present and future debts of EU institutions including: How the Government’s defined position is questionable in law and therefore has led it to underestimate its full potential exposure to EU debt; and That the true extent of the […]

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The EU: who governs whom?

Via France election: Germany rules out reworking EU’s ‘fiskalpakt’ – Telegraph. Mr Hollande has called for a shift in strategy toward more growth-oriented measures including more public spending. But Mr Seibert said Angela Merkel would not accept “deficit spending” to feed economic expansion, and believed in “growth through structural reforms” such as reducing the cost of job creation as pursued by Germany over the last decade. I feel sure Mr Hollande’s socialist ideas are dangerously daft but if he cannot govern […]

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Philipp Bagus explains how to overcome obstacles to Euro exit

Via Is there no escape from the euro? Intellectual honesty requires us to admit that there are important costs to exiting the euro, such as legal problems or the disentangling of the ECB. However, these costs can be mitigated by reforms or clever handling. Some of the alleged costs are actually benefits from the point of liberty, such as political costs or liberating capital flows. Indeed, other costs may be seen as an opportunity, such as a banking crisis that […]

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Why Is There a Euro Crisis?

From a magnificent article by Philipp Bagus – Why Is There a Euro Crisis? Today’s banks are not free-market institutions. They live in a symbiosis with governments that they are financing. The banks’ survival depends on privileges and government interventions. Such an intervention explains the unusual stock gains. On Wednesday night, an EU summit had limited the losses that European banks will take for financing the irresponsible Greek government to 50 percent. Moreover, the summit showed that the European political elite is […]

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Remarks on the Eurozone crisis at the People’s Pledge Congress

At the People’s Pledge Congress today, I appeared on a panel discussing the political implications of the Eurozone crisis. I would have loved to focus on democracy, freedom and the rule of law but the cause of the crisis was the key theme. As ever, I blamed our statist, inflationary monetary arrangements for creating the incentives and institutions which supported such dreadful behaviour and outcomes. I went on Russia Today (who asked) to discuss the campaign afterwards. You can find my speaking […]

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