Wednesday, April 13th, 2016

Outside the EU, the UK has a unique opportunity to shield itself from a future collapse in the Eurozone by starting to negotiate global trading arrangements and improving our competitiveness and simultaneously demonstrating a greater commitment to NATO. 

Lord Owen addressing Princeton University conference on ‘Europe and the challenges of Brexit’: 15 April 2016

Excerpts: When you are a member of a dysfunctional organisation like the EU that can neither reform nor restructure you have two choices: either to reluctantly remain in the organisation or be brave enough to leave. That is the choice that faces individual British voters on 23 June.

President Obama’s first Secretary of the Treasury has used some very tough language about the Eurozone in his book Stress Test published in 2014. In writing about 2010 he says, “The second drag on our recovery was Europe, which was in financial and economic disarray,” and “the European mess was a serious threat to us.”….”The sudden panic in Europe was shocking.”….”Now Europe was burning again, and it did not seem to have the tools or the desire to control the fire. The Eurozone was sixteen [now 19] nations with sixteen fiscal policies and sixteen banking systems,..”

Geithner writes in words with which I totally agree. “For all the flaws of the U.S. system, our fragmented regulatory agencies were at least part of the same nation, with a common language and traditions. And we routinely transferred resources to economically weak regions through our national budget.”

…. The U.S. Defense Department for decades has been hostile to EU “common defence” and to “autonomous defence” in the EU as well as to having two planning centres for defence in Europe, one in the EU and one in NATO. That is no secret and a factual judgement which I and many other people in Britain share.

….President Obama in his recent interview for the Atlantic magazine, correctly, and in the view of many Europeans rightly, openly criticised us in Europe for ‘freeloading’ on the NATO defence budget. It is clearly not tolerable for the U.S. voters that they should pay 73% or 75% of the NATO budget. That direction of travel has got to be corrected and soon. But it will not be done by the EU.

While the EU is dysfunctional, NATO is not.

Read the full text here:PrincetonUK PRESS RELEASE

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