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if this hadn't happened then the UK would have joined the euro brexit under the euro would have been all but impossible I wonder if Soros regrets "breaking th

if this hadn't happened then the UK would have joined the euro brexit under the euro would have been all but impossible I wonder if Soros regrets "breaking the bank", especially given he was a huge remain supporter (donating vast amounts to the campaign)

DrBazza 5y ago
> if this hadn't happened then the UK would have joined the euro Interesting. Any links?
- blibble 5y ago
  that's what ERM1 was, fixing your exchange rate against the "European Currency Unit" and 1 ECU became 1 euro on 1 January 1999 now that the euro exists: joining ERM (version 2) is phase 1 of joining the euro
makomk 5y ago
Yeah, if not for this there's a good chance the UK would be part of the Euro and much more closely tied to the EU. I doubt this would've worked out well overall for the country though; there were other European countries which had similar issues maintaining their exchange rate and the underlying economic mismatches continued to cause economic crises once they joined the Euro.
bitshiftfaced 5y ago
Short sellers don't strike me as the type who regret doing something that made them a billion dollars.
TMWNN 5y ago
>if this hadn't happened then the UK would have joined the euro >brexit under the euro would have been all but impossible Not necessarily. The Guardian speculated in 2013 (<http://www.theguardian.com/business/economics-blog/2013/jun/02/britain-euro-what-if-joined http://www.theguardian.com/business/economics-blog/2013/jun/...>) that if Britain had joined the Euro: * The mid-2000s British housing bubble, and its collapse in 2007, would have been even bigger. * Britain would have had to ask the IMF, ECB, and EU for loans. * The Tories would in 2010 have promised a referendum to leave the Euro and won a majority. Labour would have won fewer than 100 seats, and UKIP would have "made spectacular gains". * The anti-Euro side would have won the referendum, and the currency would have collapsed. * "after a deep and painful recession economic recovery began". * "Britain would have destroyed the euro on departure, and would now be on the point of leaving the EU altogether. The idea that Farage might be the next prime minister would be quite credible."

DrBazza 5y ago

> if this hadn't happened then the UK would have joined the euro Interesting. Any links?

blibble 5y ago
that's what ERM1 was, fixing your exchange rate against the "European Currency Unit" and 1 ECU became 1 euro on 1 January 1999 now that the euro exists: joining ERM (version 2) is phase 1 of joining the euro

makomk 5y ago

Yeah, if not for this there's a good chance the UK would be part of the Euro and much more closely tied to the EU. I doubt this would've worked out well overall for the country though; there were other European countries which had similar issues maintaining their exchange rate and the underlying economic mismatches continued to cause economic crises once they joined the Euro.

bitshiftfaced 5y ago

Short sellers don't strike me as the type who regret doing something that made them a billion dollars.

TMWNN 5y ago

>if this hadn't happened then the UK would have joined the euro >brexit under the euro would have been all but impossible Not necessarily. The Guardian speculated in 2013 (<http://www.theguardian.com/business/economics-blog/2013/jun/02/britain-euro-what-if-joined http://www.theguardian.com/business/economics-blog/2013/jun/...>) that if Britain had joined the Euro: * The mid-2000s British housing bubble, and its collapse in 2007, would have been even bigger. * Britain would have had to ask the IMF, ECB, and EU for loans. * The Tories would in 2010 have promised a referendum to leave the Euro and won a majority. Labour would have won fewer than 100 seats, and UKIP would have "made spectacular gains". * The anti-Euro side would have won the referendum, and the currency would have collapsed. * "after a deep and painful recession economic recovery began". * "Britain would have destroyed the euro on departure, and would now be on the point of leaving the EU altogether. The idea that Farage might be the next prime minister would be quite credible."