“The most likely scenario is that EMU (Economic and Monetary Union of the European Union) will occur but will neither end Europe’s currency troubles nor solve its prosperity problems.”

Euro fantasies, 1996

Adopted from Wikiquote. Last update June 3, 2021. History

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Rudiger Dornbusch10

German economist 1942–2002

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“Economic and monetary union…is incompatible with independent sovereign states with control over their own fiscal and monetary policies. It would be impossible…to have irrevocably fixed exchange rates while individual countries retained independent monetary policies…such a system could never have the credibility necessary to persuade the market that there was no risk of realignment. Thus EMU inevitably implies a single European currency, with monetary decisions…taken not by national Governments and/or central banks, but by a European Central Bank. Nor would individual countries be able to retain responsibility for fiscal policy. With a single European monetary policy there would need to be central control over the size of budget deficits and, particularly, over their financing. New European institutions would be required, to determine overall Community fiscal policy and agree the distribution of deficits between individual Member States…It is clear that Economic and Monetary Union implies nothing less than European Government…and political union: the United States of Europe. That is simply not on the agenda now, nor will it be for the forseeable future.”

Nigel Lawson (1932) British Conservative politician and journalist

Speech to the Royal Institute for International Affairs, Chatham House (25 January 1989), quoted in The View from No. 11: Memoirs of a Tory Radical (London: Bantam, 1992), p. 910.

“We feel we need a Capital Market Union, Energy Union, Economic and Monetary Union but we also think we need security union”

Jean-Claude Juncker (1954) Luxembourgian politician

After the 2016 Brussels bombings. http://www.politico.eu/article/jean-claude-juncker-eu-needs-a-security-union-brussels-attacks/ (23 March, 2016) <br class="br">2016

“The most puzzling development in politics during the last decade is the apparent determination of Western European leaders to re-create the Soviet Union in Western Europe.”

Mikhail Gorbachev (1931) General Secretary of the Communist Party of the Soviet Union

“I am sure that entering the exchange rate mechanism was absolutely right and is still right. I regret that we did not do so five years earlier, but that is history. Economic monetary union must come as soon as possible, and with it the single currency. Industry wants the single currency, and we must pay attention to the requests and demands of industry.”

Edward Heath (1916–2005) Prime Minister of the United Kingdom (1970–1974)

Speech in the House of Commons (26 June 1991) http://hansard.millbanksystems.com/commons/1991/jun/26/European-Community <br class="br">Post-Prime Ministerial

“This is the mode of thinking where your most creative acts are likely to occur and where problem solving is apt to occur.”

Daniel Levitin (1957) American psychologist

Talks at Google (Oct 28, 2014)
Context: This mind wandering mode turns out to be very different from the task engagement mode, because it's where thoughts that are loosely connected seamlessly flow into one another like in a dream.... And you begin to see connections between things that you didn't see as connected before.... non-linear kinds of thinking... This is the mode of thinking where your most creative acts are likely to occur and where problem solving is apt to occur.

“The vision pursued by the founders of the EU was one of economic self interest, (subsidies, protection and investment) and lofty aspiration, (peace, prosperity and justice). It was predicated on a Europe without borders where mutual economic interests would lead to perpetual peace. A soft Kantian Marxism underpinned the European Union from the start, in which economic interests and a legal order would displace local institutions and national politics.”

Maurice Glasman, Baron Glasman (1961) British philosopher

The case against remaining in the EU on LabourList.org, 2 June 2016 http://labourlist.org/2016/06/why-should-labour-support-the-european-union-the-case-for-out/

“A critical feature of the EU(European Union) in general and EMU in particular is that there is no legitimate way for a member to withdraw… The American experience with the secession of the South may contain some lessons about the danger of a treaty or constitution that has no exits.”

Martin Feldstein (1939–2019) American economist

"EMU and international conflict", 1997

“The crisis has not been overcome, but there are many encouraging signs. The economy is recovering in many countries, the imbalances in European trade are declining and the budget deficits in the monetary union are falling.”

Mario Draghi (1947) Italian banker and economist

spiegel.de http://www.spiegel.de/international/europe/spiegel-interview-with-ecb-president-mario-draghi-a-941489.html.

“When Britain leaves the European Union, free movement of labour and people will then come to an end.”

John McDonnell (1951) British politician (born 1951)

Source: EU referendum result must be respected, says John McDonnell https://www.bbc.co.uk/news/uk-politics-36680463 BBC News (1 July 2016)

“You can not leave the European Union and be in the single market and the customs union.”

Liam Fox (1961) British Conservative politician

Brexit transition period could take two years, says Fox https://www.bbc.co.uk/news/uk-politics-40667030 BBC News (20 July 2017) <br class="br">2017

“The most likely scenario is that EMU (Economic and Monetary Union of the European Union) will occur but will neither end Europe’s currency troubles nor solve its prosperity problems.”

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Rudiger Dornbusch10

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