Monday 24 October 2011
Now is not the time for eurosceptics to grandstand
Here are Capitalists@Work we have a very jaundiced view of the role of the EU. A massive bureaucracy set up for the benefit of the French with a large dollop of graft; layered onto an entirely undemocratic system with a pretend Parliament that costs another fortune. All in all, it is a very expensive way to keep a few hundred eurocrats in clover.
So, in normal times, the move today to go for an in/out referendum vote would be welcomed. However as we all know in life, timing is everything.
Today, a very stressed MerKozy is working to find an answer to the Eurozone Sovereign Debt crisis. This is a very messy and very difficult situation. Failure would be disastrous for the UK and the world, with a guaranteed second great recession baked in for us.
So, whatever our long-term concerns, now is not a great time for political grandstanding. There Finns and Slovaks have not made friends with their politicking in recent time. Neither is Cameron judging by Sarkozy telling him to shut up over the weekend.
A good strategist times his battles well, this is a very poor time to choose, after all we have had over 30 years to decide this and to do so now, at this critical juncture, would cause huge disruption to the markets and the economic environment.
Yes, the Euro will fail in the next few years and there will be dire consequences, yes the UK will have to stump up a load of money (luckily, we seem to be just printing it these days so no harm done, eh?) and there will come a point at which membership of EU should be debated and our relationship analysed. But not in the eye of the storm, bad judgement now could cost the UK a lost decade, why take the risk over something that will take years to negotiate in any event?