Wednesday, February 10, 2010

Andrew Brons The Greece Crisis must act as a Warning for Countries willing to join The Eurozone



Andrew Brons was making his voice heard again in the European Parliament during the debate on the Monetary, Economic and Social Situation of Eurozone Countries.

He told his fellow MEPs:

There is a natural relationship between the current health of a states economy and the value of its currency.

As an economy grows, so should the value of its currency, so that it can enjoy the cheapness of goods and services that it chooses to import.

Equally as an economy stagnates or even declines, so will the value of its currency, leading to an export boom and recovery of the economy (assuming that its manufacturing and international service industries have not been destroyed by globalization).

However, the currency of a nation trapped in the Euro-straight jacket cannot adjust to the needs of its economy and its people. This crippled Britain between 1990 and 1992, when we were in the Exchange Rate Mechanism. Now it is strangling Greece and other client states of the Euro.

This should be a warning for any country outside the Eurozone. Join it at your peril. In the short term, you will see the needs of your economy unattended to. Furthermore, when you do decide to withdraw, you will be faced with a debt to the Eurozone that has been inflated by your own devalued currency.
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MARC FABER NEWS

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