The EU dream has turned into a nightmare...

It was hard to know – as the danse macabre of the euro spirals towards its devastating denouement – which of last week’s utterances and events was the maddest. First, there was the speech by European Commission President José Manuel Barroso, in which, after admitting that this was the worst crisis the EU had ever faced, he renewed his wish for it to impose a tax on “financial transactions”, to provide Brussels with what has been estimated by Open Europe, the independent think tank, at up to £70 billion a year.

Since Britain’s share of the EU’s financial markets is 72 per cent, the cost to the UK would thus be up to £50 billion. But that wouldn’t last long because, as the Commission itself admits, such a tax would soon send the financial industry fleeing out of the EU, destroying the biggest single earner in the UK economy.

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The truth about the euro project is that it was always based on a colossal act of make-believe, launched in defiance of all economic and political reality. And as history and storytelling have shown us again and again, when human beings, individually or collectively, attempt to act out a fantasy, there is a very clear and identifiable pattern to what follows. Full story...

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