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Gordon Brown: Euro must reform or die

Former Prime Minister Gordon Brown says the Eurozone must be fundamentally reformed or face collapse.

Over the past week, the European Central Bank has purchased €22bn worth of Italian and Spanish bonds sending yields down and taking some of the pressure off economies struggling under the weight of large deficits.

Without going as far as Chancellor George Osborne, who last week called for Eurozone bonds to be issued in exchange for closer fiscal coordination, Brown writes in the New York Times that the current structure is unworkable.

He says: “Some time ago I reached the conclusion that there is was no solution possible within the existing Euro structure. Either the Euro has to be fundamentally reformed by Europe’s political leaders and the European Central Bank or it will collapse. After the events of the last few days I know for sure there is not even a chance of a middle way.”

Brown argues the wider European Union is being held back by its current set up which requires agreement from all 27 member states on some economic matters.

He says: “Europe’s leaders are also handcuffed by an inadequate treaty of Union, by the problem of getting a coherent response from 27 different nations, and by a rise in anti-European sentiment in their home countries (particularly in Germany), which has deterred them from sanctioning collective action beyond that which protects short-term national self interest.”

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Remind me again what were the “five tests” that had to be passed before the UK was going to join the Euro?

    Thank goodness we didn’t join

  2. Gordon isn’t as stupid as he looks.

  3. Its thanks to Gordon for being against us joining and standing his ground, if Tony Blair had, had his way we would have joined the Euro.

  4. Yep Gordon Brown

    .. the man that sold our gold reserves at the bottom of the market

    .. the man who raided private pensions and slash their value

    .. the man who sold us out on incompetantly negotiated PFI’s for 10’s of years to come

    .. the man who sold out on nay values he ever had for power

    .. the man who gave us the FSA which created the banking crisis by incompetant regulation the IFA’s, mortgage banks and secutritisation of such mortgages by investment banks.

    … the list goes on .. and on .. and on

    Gordon your dream is to join the fat cat gravy train in the EU like the rest of our political incompetants .. I say let us out and let Gordon in 🙂

  5. With GB’s record of presiding over the ruining of our economy over 13 years, if he think the Euro is bad it must be awful!

  6. IMHO, the fact that the UK never joined the Eurozone is a decidedly good thing (we don’t seem to hear much on the subject from Ken Clarke these days, do we?). Even so, GB still managed spectacularly to mismanage the UK economy to the brink of collapse so I’m hardly inclined to set any store by anything he might have to say on any aspect of economics.

    The Eurozone was a monumentally costly social experiment doomed to failure from the word go and I, for one, won’t be sorry to see it consigned to history.

  7. I am certain Nigel Farage was telling everyone that the Euro was doomed before it was launched.

    The current situation merely helps the EU elite take total control of those countries that signed up.

    Here end’eth democracy.

  8. Gordon Brown wasnt this creep responsible for the gold sell off, for PEANUTS.

    The IMF imposed tax hikes on high fuel prices is easily recognised by the public as being the prime cause of inflation and Europe’s failure to export itself out of debt. Whilst paying inflated prices for raw materials with £ Sterling devalued by BOE then exchanged for an overvalued Euro to pay the invoice. (School kids can tell you its destroying Britain economy.

    The same applies to France Germany Spain Italy etc who purchase raw material and commodities with an overvalued irrevocably fixed Euro. Through a range of currencies, but in a $ dollar oil world, “all produced goods cost more.

    Is this not clear to the BOE or its buddy the IMF spinning the hype and crap to politicians? While destroying Britain’s AAA status and bankrupting Europe’s taxpayers.

    In simple terms for the blithering idiots (no taxpayers no cash for the treasury.

    Now if the crooks in suits need some help, there are thousands of school kids that are much more intelligent more cost effective much better and they can multitask whilst on holiday, hacking some Government computer riding a bike and texting mum.

    These kids and SME businesses are their future, and ours but consecutive Governments have taken the bribes from blue chip PLC, Corporate, Banks and Insurers. That destroyed small business with IMF Government led austerity red tape and taxes fed to Politicians by International Malicious Fraudster the crooks in suits.

    Britain is a systemically lead system of fraud that starts at the helm of Government spiralling downwards through the Ministries, Central and Local Government, Politicians and Police. Then onto the high street where the public is deceived into believing they buy goods and services from competing companies. The fact is that most of our towns and cities are dominated and controlled in a monopoly by a few PLC companies, (with thousands of names) itsfraud and the Treasury and the FSA are aware of this mass deception. They control it.

    Everyone hate Banks, they give you an umbrella when it’s fine and take it away when its wet, they do nothing positive for anybody except take care of themselves. They’re first in with their fees and first out when there’s trouble.

    Banks compound interest charges are unconsciously the greatest fraud imposed on every homeowner taking out a Mortgage. Until you check out the costs detail the facts and point the finger, or shout out loud and expose the fraud, it will carry on, until then they own you your home and your shoelaces.

    Fraud, fuel tax, duty, vat and overvalued Euro have replaced investment exports growth hope and prosperity. With no work no prospect no future no faith and no hope.

    The public and business do not trust lying corrupt Government, Politicians, Banks, or Insurers for good reason. Society is divided black and white, rich and poor, north and south, corrupt authority and criminal minority, political correctness and public awareness,

    Fraud, corruption, rip off, and deception has become entrenched in Insurance, Banking, Corporations, Authority, Government and its Politicians.

    Money has become “power” a law buying all or someone; legality for certain sections of society like those above no longer exists or matters.

    Courts feed off the weak less able to defend with meagre incomes, while setting free corrupt corporate insurers, banking gangsters, ministerial fraudsters, and sexual predators who have money and friends in high places.

    Organisations such as the IMF, WB, BIS, ECB, UN, starve the poor and engorge the wealthy. The IMF appears benevolent, yet is the Pawn Broker” only concerned about loan payment and profits. Its favours the wealthy nations, at the expense of the poorer economies who suffer its imposed austerity, unemployment, lost productive capacity, low exports, lack of business investment, a stagnating economy, low consumer spending, inflation and escalating debt and interest, while the IMF enforce a sale of viable assets.

    Well forgive me, but these basket cases have ruined every country they helped, just look at Europe; its time a reality check was carried out on the International Malicious Fraudsters, they just steal from the poor, and fill their fat wallets.

    QE, a nice name to deceive the public. A bailout of the banks that were caught out stealing is the truth.

    Even if the riots are under control now. The problem that caused it hasn’t gone away. Itsfraud, there is no respect for a corrupt Government.

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