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EURO BREAKDOWN Quantitative Easing, the Credit Crunch and the EU

The Bruges Group spearheads the intellectual battle against the notion of "ever–closer Union" in Europe and, above all, against British involvement in a single European state If you do not wish to receive these news-bulletins please send an e-mail to: unsubscribe@brugesgroup.com Please write unsubscribe in the subject heading Is the euro Sustainable? Analysis of the potential disaster facing the eurozone Quantitative Easing, the Credit Crunch and the EU Wednesday, 18th March 2009 - reminder Euro Breakdown IS THE EURO SUSTAINABLE? Analysis of the potential disaster facing the eurozone The euro is coming under severe pressure. Now even the Prime Minister of Luxembourg and President of the Euro Group, Jean-Claude Juncker, and Karl Otto Pohl, former Chief of the Bundesbank, fear that the euro may be in danger. The Bruges Group’s detailed examination of the severe strains facing the Single Currency in Is the euro Sustainable? finds that the entirely ‘man made’ problems that confront the eurozone today have their origins in the fatally flawed notion that one exchange rate and one interest rate are appropriate for economies with very different and disparate histories, structures, performances and sovereign governments. The euro was meant to bring convergence to the economies of the European Union. Yet it has caused even greater divergence. These economic imbalances and distortions which have been analysed in this paper will continue to worsen. There are too many vested interests in Brussels; the EU elite is more concerned with their own privileges than in undertaking any meaningful structural economic reforms that could help to rectify the situation. The euro as a hybrid fixed exchange rate regime is unsustainable, and the issue of its failure must be addressed. In the case of the European Union this can only ultimately result in the rejection of government by the venal and corrupt institutions of the EU and a subsequent return to democratic rule by accountable national governments that uphold the rule of law. Click here to read the full analysis online NEXT MEETING Quantitative Easing, the Credit Crunch and the EU Wednesday, 18th March - 6.45pm for 7.00pm EXTRACTS FROM THE SPEECHES RT HON. JOHN REDWOOD, MP THE EU AND THE ECONOMIC CRISIS Chairman of the Economic Competitiveness Policy Group will say that; "All those of us who campaigned successfully to keep the pound did a great service not just to the UK but also to euroland. The appalling financial management of the UK under the present government combined with the very different orientation and structure of the UK economy would have created huge stresses within the euro area had we been forced in to membership. Outside the euro we can follow our own policy. Now we need to elect a government which can do so competently, to replace the boom and bust lurches of the current regime, with their fatal attraction to nationalised banks and excessive public sector borrowing". PROFESSOR TIM CONGDON, CBE WHY THE UK IS LUCKY TO BE OUTSIDE THE EUROZONE IN A CREDIT CRUNCH One of Britain’s leading economic commentators will argue that; "Recent events have shown that Britain is lucky to be outside the eurozone. The Bank of England's policy of 'quantitative easing' is already driving down bond yields and will promote a wider economic recovery. But - if we were in the eurozone - we could not carry out such measures and would instead be bossed around by European financial bureaucrats. Our neighbour Ireland - in a much more difficult economic situation - cannot help itself. Britain must keep the pound." ADMISSION: £10 payable on the door or in advance Including wine, orange juice, mineral water and nibbles LOCATION: Foreign Press Association 11 Carlton House Terrace, London SW1Y 5AJ AGENDA:  Lectures: 7.00pm – 8.00pm Discussion: 8.00pm – 8.30pm Wine and refreshments: 8.30pm – 10.00pm -------------------------------------------------------------------------------------------------------- Honorary President: The Rt Hon. the Baroness Thatcher of Kesteven, LG, OM, FRS Vice-President: The Rt Hon. the Lord Lamont of Lerwick, Co-Chairmen: Dr Brian Hindley & Barry Legg Director: Robert Oulds MA, Head of Research: Dr Helen Szamuely Washington D.C. Representative: John O'Sullivan, CBE Founder Chairman: Lord Harris of High Cross, Former Chairmen: Dr Martin Holmes & Professor Kenneth Minogue -------------------------------------------------------------------------------------------------------- For further information contact: Robert Oulds Director The Bruges Group 227 Linen Hall, 162-168 Regent Street, London W1B 5TB UK Tel: +44(0) 20 7287 4414 Mobile: 07740 029787 E-mail: info@brugesgroup.com