October 05, 2018

What if Britain could use a Remain to make the EU a more worthy union?

Sir, Martin Wolf writes “EU is a peace project that works by embedding mutual relations in a framework of equally-applicable and legally-binding rules. The mutual trust necessary to make the EU work depends on this.” “Misunderstanding the European project” October 5.

How beautiful, but does the reality stand up to this? I don’t think so. As example EU authorities, for the risk weighted capital requirements for banks decreed a 0% risk weight for Greece and, as a direct consequence Greece was offered too much credit and, unable to resist, took on too much debt. But then EU blamed Greece for it all, and left it alone to pay for it all.

Also, the number one EU challenge is to help many of its members meet the challenges the euro poses, challenges that were known from the very start. Have they done this? No, in the euro’s soon twenty years, EU techno/bureaucrats have spend more time on a lot of other minor issues that sometimes makes one think more of a Banana Union. 

How can/should a Remainder Britain respond to EU? Definitely not with a “sorry, we made a mistake” but much more by requiring EU to do whatever is needed to make it what Martin Wolf wants it to be.

Britain might need a EU but EU might need Britain just as much. So what a great historic opportunity it would be if Britain used a Remain to leverage EU into something much better?

If nothing comes from it that might be because the European Union dream might have been taken over by European Union profiteers and, if so, Brexit shines much better.

PS: Wolf writes “the parallel Jeremy Hunt drew between the EU and Soviet Union was so stupid and offensive. The Soviets sent tanks into East Berlin in 1953, Budapest in 1956 and Prague in 1968.” I am not that sure, the Basel Committee, with the enthusiastic approval of EU sent in 0% risk weights for sovereigns and 100% for citizens. These will prove to be more dangerous to the Western World than all Russian tanks multiplied by thousands.

PS. What would Martin Wolf suggest Britain says to the European Union if it backs down from Brexit? “Sorry EU we did not really mean it?