A devastating report published yesterday reveals why the decision of the British people to unshackle themselves from the crumbling European Union was so right.
In clear and simple language, it portrays the EU as an organisation in profound crisis, with declining growth, a tottering banking system, mass unemployment, alarming levels of debt and ‘deep-rooted structural weaknesses’.
The report warned that the continuing ‘refugee surge’ could bring even more instability, prompting the reinstatement of border controls and ‘hindering free movement within the single market’...
DAILY MAIL COMMENT: IMF and the truth about the broken EU
By Daily Mail Comment
9 July 2016
A devastating report published yesterday reveals why the decision of the British people to unshackle themselves from the crumbling European Union was so right.
In clear and simple language, it portrays the EU as an organisation in profound crisis, with declining growth, a tottering banking system, mass unemployment, alarming levels of debt and ‘deep-rooted structural weaknesses’.
The report warned that the continuing ‘refugee surge’ could bring even more instability, prompting the reinstatement of border controls and ‘hindering free movement within the single market’.
A devastating report published yesterday reveals why the decision of the British people to unshackle themselves from the crumbling European Union was so right
And on the eurozone, it concluded: ‘Without decisive actions, the euro area will remain vulnerable to instability and repeated crises of confidence’.
So who produced this chilling analysis? Some eurosceptic think tank perhaps, or a hyperbolic Leave campaigner? No, it was none other than the International Monetary Fund, one of the world’s most powerful global financial institutions.
As the Mail has consistently argued, there was more danger staying in a broken, sclerotic, economically dying union than in facing the challenges of forging new trade links with economies that are booming in the world.
Many others have similar doubts about the EU.
In a new book, Nobel Prize-winning economist Joseph Stiglitz declares that the single currency has had a crushing effect on the populations of southern Europe and is so deeply flawed it may have to be abandoned.
Adopting the euro in 1992 was ‘a fatal decision’, he argues. Instead of bringing prosperity and solidarity, it now threatens to tear the continent apart.
Meanwhile, the international ratings agency Moody’s warned yesterday that the rise of ‘nationalistic and protectionist movements’ could threaten the very existence of the EU.
Nearly all of whom backed Remain - including Chancellor George Osborne - are now trying to paint an apocalyptic vision of Britain’s financial future
And in its latest Global Strategy report, French bank Société Général carries a piece by one of its top analysts who says: ‘I believe it is only a matter of time before the eurozone project fractures’. He points out that Italy’s banking system is already on the verge of collapse.
Significantly, it emerged yesterday that Switzerland, Singapore and Hong Kong want to form a banking and financial alliance with London. Equally significantly India and China have made enthusiastic noises about strengthening trade links.
And it took Germany’s chambers of commerce to warn the EU it would be foolhardy to risk a trade war by imposing tariffs on imported British goods – especially as we buy more from Europe than we sell to it.
True, the pound has fallen but that isn’t necessarily bad news. It makes exports more competitive and encourages foreign tourists to come here. And, despite the apocalyptic forecasts, the stock market is higher today than before the referendum campaign began.
So why do we never hear of these positive developments from the political and economic establishment – nearly all of whom backed Remain and are now trying to outdo each other in painting an apocalyptic vision of Britain’s future?
From Bank of England Governor Mark Carney to the achingly europhile Financial Times, they are still seeking to terrify voters about the supposedly dire consequences of Brexit.
Having lost the vote, they seem determined to make their doom-laden prophesies come true by relentlessly talking the nation down.
If they spent as much time exploring the exciting new possibilities that Britain faces in increasing trade with the world at large and not just the backward-looking European Union, they would serve their country far better.
In clear and simple language, it portrays the EU as an organisation in profound crisis, with declining growth, a tottering banking system, mass unemployment, alarming levels of debt and ‘deep-rooted structural weaknesses’.
The report warned that the continuing ‘refugee surge’ could bring even more instability, prompting the reinstatement of border controls and ‘hindering free movement within the single market’...
DAILY MAIL COMMENT: IMF and the truth about the broken EU
By Daily Mail Comment
9 July 2016
A devastating report published yesterday reveals why the decision of the British people to unshackle themselves from the crumbling European Union was so right.
In clear and simple language, it portrays the EU as an organisation in profound crisis, with declining growth, a tottering banking system, mass unemployment, alarming levels of debt and ‘deep-rooted structural weaknesses’.
The report warned that the continuing ‘refugee surge’ could bring even more instability, prompting the reinstatement of border controls and ‘hindering free movement within the single market’.
A devastating report published yesterday reveals why the decision of the British people to unshackle themselves from the crumbling European Union was so right
And on the eurozone, it concluded: ‘Without decisive actions, the euro area will remain vulnerable to instability and repeated crises of confidence’.
So who produced this chilling analysis? Some eurosceptic think tank perhaps, or a hyperbolic Leave campaigner? No, it was none other than the International Monetary Fund, one of the world’s most powerful global financial institutions.
As the Mail has consistently argued, there was more danger staying in a broken, sclerotic, economically dying union than in facing the challenges of forging new trade links with economies that are booming in the world.
Many others have similar doubts about the EU.
In a new book, Nobel Prize-winning economist Joseph Stiglitz declares that the single currency has had a crushing effect on the populations of southern Europe and is so deeply flawed it may have to be abandoned.
Adopting the euro in 1992 was ‘a fatal decision’, he argues. Instead of bringing prosperity and solidarity, it now threatens to tear the continent apart.
Meanwhile, the international ratings agency Moody’s warned yesterday that the rise of ‘nationalistic and protectionist movements’ could threaten the very existence of the EU.
Nearly all of whom backed Remain - including Chancellor George Osborne - are now trying to paint an apocalyptic vision of Britain’s financial future
And in its latest Global Strategy report, French bank Société Général carries a piece by one of its top analysts who says: ‘I believe it is only a matter of time before the eurozone project fractures’. He points out that Italy’s banking system is already on the verge of collapse.
Significantly, it emerged yesterday that Switzerland, Singapore and Hong Kong want to form a banking and financial alliance with London. Equally significantly India and China have made enthusiastic noises about strengthening trade links.
And it took Germany’s chambers of commerce to warn the EU it would be foolhardy to risk a trade war by imposing tariffs on imported British goods – especially as we buy more from Europe than we sell to it.
True, the pound has fallen but that isn’t necessarily bad news. It makes exports more competitive and encourages foreign tourists to come here. And, despite the apocalyptic forecasts, the stock market is higher today than before the referendum campaign began.
So why do we never hear of these positive developments from the political and economic establishment – nearly all of whom backed Remain and are now trying to outdo each other in painting an apocalyptic vision of Britain’s future?
From Bank of England Governor Mark Carney to the achingly europhile Financial Times, they are still seeking to terrify voters about the supposedly dire consequences of Brexit.
Having lost the vote, they seem determined to make their doom-laden prophesies come true by relentlessly talking the nation down.
If they spent as much time exploring the exciting new possibilities that Britain faces in increasing trade with the world at large and not just the backward-looking European Union, they would serve their country far better.
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