Douglas Carswell's Blog

What logic is there in fiscal union?

George Osborne keeps telling us of the "inexorable logic" of full fiscal union within the Eurozone.

How's that logic working out?

Greece heading for political and economic meltdown. Italy bond yields shooting upward. Good credit ratings dragged down by the bad. Debt piling ever faster upon debt.

At every stage in this crisis, official Treasury thinking has been behind events.

Cometh the hour, cometh the cliche.

Calling for fiscal fusion of the Eurozone 17 is about to look quaint, if not kooky. We should be pressing for orderly default and decouple.

Ministers need clarity of thought. Not merely to recycle the Treasury's failed thinking.

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