Wilhelm Nolling, a former Bundesbank Director, former member of both Houses of the German Parliament, now Professor of Economics at Hamburg University, understands the devastating economic case against the Euro:
"Germany is suffering its worst economic crisis in decades [...] We are in bad shape and euro membership has played a major role in limiting our policy-making room for manoeuvre."[...]
"The present euro zone structure is devastating for Germany ... Our economy is bleeding. And I am convinced the UK would be crazy to join - you should stay out for as long as I can foresee."
Wow!
If it ever comes to the referendum, we hope the No campaign uses its TV slot to air an interview with this man.
It's also well worth reading what William Hague has to say about this:
Neither France nor Germany is now keeping within the budget deficit limits which they themselves set for the euro zone. The Germans have tried, but are unable to do so. The French, unencumbered by any Germanic impulse to obey the rules, are simply unwilling to do so. One may wonder at the credibility of rules so swiftly broken, but wonder all the more that the Germans are prevented by euro membership from using either of the main policy instruments for tackling recession or deflation. The result could be great discontent: the product of a politically motivated project which economically is one of gargantuan stupidity.
Yes, gargantuan stupidity. And yet the economic arguments against Britain joining the Euro are as nothing compared with the political ones!
