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Euro and the economy: the final countdown?

15.00

Euro and the economy: the final countdown?

The economic crisis in Europe has become the new normal and every attempt to fix it has failed. So why does the Euro, let alone the EU, continue to exist? Is there a distinction to be made between fiscally prudent countries and their irresponsible and profligate neighbours? And why is there such hostility to the idea that countries like Greece, Spain, Portugal or Ireland might be better off with devalued currencies to increase their competitiveness? Closer economic integration seems the only game in town, but surely there is a basic democratic right to decide how our wealth should be distributed? Speakers in this Battle of Ideas debate do battle over the causes of the problem as well as the answers. Who is right?

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Related topics: Debates, Democracy, Economy, International

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Ann M Evans said:

Doubt any of the big spending EU leaders are listening to you lot and why should they listen, democracy is not part of their bigidea,
Perhaps we need the Telegraph to start a new expenses scandel, featuring the EU ‘leaders’! Make a counter balance to all the scare story’s

Carol said:

Another great video. I think the argument between the two Philips is a good one. I think I agree more with the Philip who argues the unproductive economics are the problem.

Mijanur said:

In my view, I believe that the main aim of creating a European Union was to encourage free trade amongst the member states. However, the Eurocrats had the hidden intention of actually creating a super state or in other words the United States of Europe. This idea is made more believable because of the same currency system that was introduced to the member states. Almost all economists would argue that no two countries can have the same currency as it would interfere with setting fiscal (tax etc.) and monetary policies (interest rates etc.) therefore the countries can have their economic stabilisers (e.g. decreasing interest rates so people spend more because there is a lesser incentive to save and products are cheaper). Therefore surrendering these vital economic factors could have only been approved with the held belief that Europe would one day become a single state with a centralised government in Brussels. However the issue is that the global downturn has come at a wrong time and derailed the plans. Maybe I am too much of a thinker but it is the only reason I would deem suitable enough for governments to give away so much power.

Tasha Percival said:

I hear a lot and I hear it in this debate that we have to put up with a failing EU who survives partly because of its exclusion of us, because there are no alternatives. Since when I have we just sat back and said oh well, there is nothing around so we can’t create something new. I am with the speaker who wants to start anew.

Jonas said:

If Mullen is right we are all screwed aren’t we? I think he probably is right but point is & agree with Ganley on this also yes banks should be allowed to fail, but that will affect all of us too and why should we all have to make sacrifices.

S. Barker said:

Like the serious nature of this short debate would like to hear more but its brevity is appealing. Legrain’s internationalism is appealing but strange he seems so wedded to the Euro if that is his thinking.

Petra said:

Another good one, row between Mullen & Legrain interesting but now am unsure what to think, if roots of problem are productive growth issue then we will all have to make even greater sacrifices.

WORLDbytes – The School of Citizen TV » Is Europe boring? said:

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