Willy Hutton still thinks we should have joined the euro

Lawks and lummee the man\’s a fool.

But there is a more optimistic, alternative history. The first obvious point is that Britain could have joined the euro only if a referendum had been won. A victory would have depended on it being an obvious good deal, with the pound entering at a competitive rate and the euro\’s structure, rules and governance reformed to accommodate British concerns and interests. The European Central Bank would have needed to look more like the US Federal Reserve, with more scope for fiscal and monetary activism. The Germans would doubtless have insisted, in return, that the EU banking system be more conservatively managed.

So we should have joined the euro that wasn\’t on offer then?

Just as one example, why would Germany have insisted the banks were more conservatively regulated? Their banking crisis cost even more than ours did!


\”Emboldened by his referendum victory, Blair could have sacked Brown before the disastrous second phase of his chancellorship and lacklustre prime ministership. Blairism would have morphed into a new form of European social democracy, fashioning British-style stakeholder capitalism. \”

What has he been smoking?

21 thoughts on “Willy Hutton still thinks we should have joined the euro”

  1. Blair could have sacked Brown?,, um Brown would have resigned taken half the cabinet and the backbenchers with him and spent every waking moment trying to get rid of Blair with the result that the Conservatives would have won the next general election and they both would have been out on their backsides.

  2. It’s worse than that counterfactual history I read where Norman Tebbit is made PM and immediately sends the SAS into Eire to rub out Adams, McGuinness et al., immediately delivering peace in Norn Iron.

  3. Instead history turned as it did…

    Whilst reading the alternative history of Tony Blair – and I’ll accept off subject – I noted that a couple of years ago Wendi Deng described him as one of her closest friends. I wonder if her dear close friend will comfort her in her distress after the announcement of the impending divorce. I only ask because I appreciate how important friends are at times like these.

  4. Back on subject: would the Euro of Willy’s dreams have saved Greece’s state broadcaster?

    I ask that because I know how important unchallengeable state sacred cows are to socialists. I used to think things like youth unemployment, social cohesion, the loss of generations et al were importnat to them; I’ve learnt better now haven’t I.

  5. what makes him think that British interests would have made the euro any more stable, and German banks were not conservative when it came to Greek lending. Like Tim says hypothetical fantasy history.

  6. So Much For Subtlety

    People who are eager to see Jesus return see Him in pieces of toast. Willy is so eager to see us copy the German model, he sees the chance for it in every little turning point of political history.

    Sad really.

  7. Oh, I’m not retyping that; cutting my whole comment off for having an apostrophe in is just silly.

  8. So the Germans would have been happy to let the UK join at a competitive rate for us?
    I don’t think so.

    Does he mean that Browns sucessful first phase wa when he was sticking to the conservative spending plans?

  9. Prodicas. This optimistic alternative history is even more ridiculous than that. Surely: If we had had some bread we could have had a ham sandwich if we had had any ham. (past-perfect?)

  10. Now, now, Ironman, no muckraking (#4). Blair’s spokesman has issued a statement denying that they are having an affair.

  11. Would it still be classed as an affair now that we know she’s divorcing Rupert? Surely it’s now just a relationship?

    *innocent face*

  12. This is the best article I’ve ever seen Will Hutton write. Sorry, I mean funniest.

    But it really is revealing of the mindset of this elitist crew that they are actually prepared

  13. Richard #17

    I really was just trying to be as silly as I could to help the morning pass. I had no idea there really was such a rumour.

    Obviously if there was and I was in any way a cause then I am most dreadfully sorry. *innocent face*

    Actually, I would be bloody delighted to have started something like that! *big grin*

  14. I’m speechless…

    Tim, I think you’re being far too generous in describing him as a fool – he is in need of serious psychiatric help and a long lie down in a darkened room.

    Whatever he’s smoking, It must be potent..

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