"Already we have signed away the right to run our economy for the benefit of our own people.
The Governor of Germany's Central Bank puts it concisely. Referring to economic and monetary union, he says and I quote, "it will lead to member nations transferring their sovereignty over financial and wage policies as well as in monetary affairs . ..."." It is an illusion to think," he adds, "that states can hold onto their autonomy over taxation policies".
So much for our control over our financial and wage policies, our monetarv affairs and our taxation policies."
At the time Sir James was alive I was a passionate EU supporter. I thought he was nuts. Turns out he was right all along as this recent story from the BBC confirms.
QUOTE
EU to act over UK budget deficit
http://news.bbc.co.uk/1/hi/business/7447531.stm
Page last updated at 14:15 GMT, Wednesday, 11 June 2008 15:15 UK
The European Commission is to start disciplinary proceedings against the UK for breaching its economic rules.
It says Britain's budget deficit, the gap between its spending and its revenues, is growing too large.
The disciplinary proceedings are in effect a formal warning to curb borrowing, cut spending or both.
The Treasury said it did not agree with the commission's assessment and asserted that the UK's public finances were sound.
The UK cannot be fined as it is not in the eurozone, but the launch of proceedings is unlikely to reflect well on the UK government.
The European Commission watches the economies of all EU countries, whether they use the euro as a currency or not.
http://news.bbc.co.uk/1/hi/business/7447531.stm
Page last updated at 14:15 GMT, Wednesday, 11 June 2008 15:15 UK
The European Commission is to start disciplinary proceedings against the UK for breaching its economic rules.
It says Britain's budget deficit, the gap between its spending and its revenues, is growing too large.
The disciplinary proceedings are in effect a formal warning to curb borrowing, cut spending or both.
The Treasury said it did not agree with the commission's assessment and asserted that the UK's public finances were sound.
The UK cannot be fined as it is not in the eurozone, but the launch of proceedings is unlikely to reflect well on the UK government.
The European Commission watches the economies of all EU countries, whether they use the euro as a currency or not.
Full article here