Note the underlying assumption that the first objective is to save the single currency at all costs — just as in 1992 the objective was to save the European Exchange Rate Mechanism — yet our experience was that the moment we dropped out of the ERM, things started to improve, and indeed we in Britain set out on the longest period of consistent economic growth in living memory.
In the New Testament, Our Lord said “The Sabbath was made for Man, not Man for the Sabbath”. If he were around today, then (after he had thrown the money-changers out of the Temple) he might well observe that currencies were made for men, not men for currencies. Our starting point should what’s good for the people — their jobs, their prospects, their prosperity — not what’s good for the €uro. It’s a bankruptcy machine that we can well do without.
I replied to CER in the following terms:
You need to understand that the €uro is the problem, not the solution. It is the disease, not the patient. At the moment, we’re trying to save the disease, and we’re ignoring the patient. But I fear that the peoples of Greece and Spain may not be patient much longer.