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Britain is easily capable of thriving outside the European Union, one of the world’s leading economists has insisted in an interview with The Daily Telegraph.
“There’s no reason why not”, says Joseph Stiglitz, a Nobel prize winning economist and something of an economic guru to the political left. “But it depends on how Europe responds, and how the negotiations go.
“There are two scenarios. If Europe adopts the Juncker approach, which is to say we’ll cut off our nose to spite our face and punish Britain for leaving, then that’s not so good.
“But it really wouldn’t be in Europe’s interests to do this. The US is actively engaged in Europe, in manufacturing, services and finance, and our trading relationship with Canada, where we have a free trade agreement, but no single market and no free movement, works well, actually really well, for Canada.
“So you should be no worse off than Canada is with the United States. I find it quite hard to believe that you [Britain] would be treated worse by Europe than the US or Canada, or Canada is by the US. This would be hard to justify”.
Jean-Claude Juncker, president of the European Commission, has signaled a hard line approach to Brexit negotiations, insisting that “there will be no access to the internal market for those who do not accept the rules – without exception or nuance – that make up the very nature of the internal market system.”
However, Angela Merkel, the Germany Chancellor, and a number of other European leaders have indicated a more conciliatory approach, conscious that their own countries have much to lose from a breakdown in trading relations with Britain.
Stiglitz, a one time adviser to the Scottish government on independence and briefly a member of Jeremy Corbyn’s now disbanded economic advisory panel, has been in the UK to promote his new book, The Euro, and its Threat to the Future of Europe.
Joseph Stiglitz, American economist and a professor at Columbia UniversityCREDIT: JASON ALDEN
In it he argues that the root cause of Europe’s political and social ills lies in the creation of the euro, which rather than driving convergence among nations as intended has resulted in politically and economically destabilising divergence.
“The Brexit referendum was a shock”, he concludes.
“My hope is that the shock will set off waves on both sides of the Channel that will lead to a new, reformed European Union.”
Europeans were finally waking up to the idea that there is not going to be a euro without a crisis on the doorstep”, he told the Telegraph, “and that’s a gloomy prospect” likely to drive “a political backlash against the establishment standing behind the euro.”
However, the euro is not the only thing that has gone wrong in the European Union, Stiglitz argues.
“There were other mistakes. It is fairly clear that the EU has imposed more regulatory harmonisation than is necessary, and that this excessive enthusiasm for regulatory harmonisation is one of the things that has gotten the EU into trouble with the British”.
“The US and Canada have a joint sphere of prosperity with extensive trade across the border without such tight common regulations at every turn”, he points out
With an avg. 1.2M voters per MEP & Britain having only 8%, if united, say. The EUropean Parliament has no ability to make policy and has a Commission of unelected bureaucrats, thus clearly the EU is not even a pretence of being a democracy; yet The EU & many of its vassal States are willing to slaughter people in Sovereign States to impose The EU’s chosen brand of democracy on them!
The imposition of a Government and policies upon its vassal regions such as the peoples of Greece shows just how far from being a democracy the EU is.
There will be little or no change in Britain’s economic position, when we leave the EU, using a better negotiated & updated version of the ‘Norway Model’ as a stepping stone to becoming a full member of the Eropean Economic Area, where all will benefit, as we secure trade relations with the EU’s vassal regions, with an EFTA style status and can trade and negotiate independently on the global stage, as members of The Commonwealth and the Anglosphere.
One huge benefit will be that we can negotiate with bodies like the WTO, UN, WHO, IMF, CODEX and the like, directly in our own interest and that of our partners around the world in both the Commonwealth and the Anglosphere at large; rather than having negotiations and term imposed by unelected EU bureacrats and their ionterpretation of the rules handed down as if they were some great achievement by the EU.
The greatest change and benefit will be political, as we improve our democracy and self determination, with the ability to deselect and elect our own Government, with an improved Westminster structure, see >Harrogate Agenda<.
How we go about the process of disentangling our future wellbeing from the EU is laid out in extensive, well researched and immensely tedious detail see >FleXcit< or for a brief video summary CLICK HERE
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