On Dec. 12, Nobel Prize-winning economist Oliver Hart told European media source Euractiv that the Euro currency, as well as forcing 28 different homogeneous states into a centralized union, was a mistake and that the only real solution was to get rid of the currency and move authority out of Brussels and back to their original sovereigns.
The foundation behind Britain’s regaining of their sovereign power from the centralized bureaucracy known as the European Commission was the basis behind this year’s Brexit vote, and is a growing trend among other Euro nations who are seeing their citizens reject establishment leaders in favor of political parties dedicated towards ending EC domination.
The European Union should start the decentralization process and give the right of decision-making to its member states, according to the Nobel Prize-winning economist Oliver Hart.
He told the European media platform Euractiv that Brussels has “gone too far in centralizing power” and “if it abandons this trend, the EU could survive and flourish. Otherwise, it could fail.”
The 28 EU member states are not “sufficiently homogeneous” to be considered one single entity and trying to tie them into one was an “error,” said the British-born economics professor from Harvard University.
Hart added that Brussels should return powers to the EU capitals but might retain control of “some important areas,” like free trade and free movement of workers.
He also expressed firmly that “the euro was a mistake.” An opinion Hart says he held since the monetary union was introduced.
It “wouldn’t be a bad thing at all” if in the future Europe abandons the single currency, said the economist, adding the British were “very clever” to stay out of it. – Russia Today
Beginning with the failed Italian referendum, the nations of France, Greece, and Spain could soon elect or choose new leadership that advocates disconnecting from the Euro, and possibly even leaving the Union altogether. And coupled with this is the election in the United States of outsider Donald Trump, who’s platform is based on America first, and a a policy where the West will probably see the end of the economic sanctions Barack Obama and the EU imposed upon Russia three years ago.
Centralization and globalization are quickly being usurped by nationalism and a demand for a return to sound money. And just as moving off the gold standard was a huge mistake for the global monetary system 45 years ago, so too are economic experts realizing that the creation of the Euro was a program just as bad.
Kenneth Schortgen Jr is a writer for The Daily Economist, Secretsofthefed.com, Roguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.