Subsequently, in 1973, the UK joined what its people were told would be a European Economic Community. But it was always more than that. Over time, continental aspirations have become clearer and the discomfort of English Conservatives – once the more pro-European of the two big parties – greater. The UK stayed out of the currency union partly because of widely shared scepticism about the economics, but still more because of hostility to the politics. Sceptics pointed to these implications. They have been proved right on both points. And they know it.
之后的1973年,英国人得知自己的国家加入了欧洲经济共同体(European Economic Community)。但事情远没有那么简单。时间一久,欧洲大陆的雄心越来越明显,而曾经在两大党中更亲欧洲的英国保守党也感到越来越不快。英国不加入货币联盟,部分是因为对加入其中的经济意义感到怀疑,但更大的原因是反感政治层面上的意义。怀疑人士指出了这两方面可能受到的影响,事实证明他们的看法是正确的。他们也明白这一点。
Now comes the transformational moment. If the eurozone is to survive, it will have to jump into a deeper economic and political union. Everybody now knows that the initial design failed. In a currency union, capital flows, current account imbalances, financial fragility, divergent competitiveness and fiscal policy are all matters of profound common interest. Moreover, stricter rules are not enough. Members also have to offer one another insurance. Otherwise, doubts about the durabilityof the union will, of themselves, drive it towards disintegration. This is why the European Central Bank has found itself forced towards its new “outright monetary purchases – purchase of government bonds of the member countries under pressure.
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