Eurozone Debate

There are eerie parallels between the euro debates in the UK in the late 1990s and in the northern eurozone today. Back then, the anti-euro campaigners in the UK highlighted the shortcomings in the construction of the eurozone - an analysis that turned out to be correct - and also correctly predicted the euro would require a political union to succeed in the long run. There was also emotional stuff about the Queen on banknotes. But it was an internally consistent position. I did not share that view but I recall admitting back then that if you do not accept political union, logically you should not accept the euro either. There was never a purely economic case for the currency.