Monday, June 23, 2014

UK Will be Forced to Join the Euro or Leave the EU if Brussels Power Not Reformed, says Report

The UK will be forced to join the euro or leave the European Union if the country does not secure "considerable reforms" to the setting of EU financial regulation, a Europe Economics report, commissioned by Business for Britain (BfB), has warned.

The scathing report said since the 2008 financial crisis and the eurozone crisis of 2010, the nature of EU financial regulations have changed significantly and that the UK's influence on EU-level financial services regulation has declined markedly.

"But that influence has waned severely since 2008, and as matters stand, with the non-eurozone EU set to shrink to only between two and five members within a decade, and with the very different interests of the eurozone dominating new EU financial regulation, the future appears likely to be one of Britain being systematically over-ruled by the eurozone.

BfB acknowledged the benefits of being a member within in the 28-nation bloc and said that "prior to the eurozone crisis, the general thrust of EU financial services measures reflected the UK's traditions of liberalisation, competition and the encouragement of trade meaning EU-level financial regulation affected other member states much more than it affected the UK.

"The UK's power to influence EU decisions has declined markedly and unless major reforms are secured, Britain will be faced by the stark choice of either joining the Euro or leaving the EU altogether.


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