Economic and monetary union...is incompatible with independent sovereign states with control over their own fiscal and monetary policies. It would be… - Nigel Lawson
" "Economic and monetary union...is incompatible with independent sovereign states with control over their own fiscal and monetary policies. It would be impossible...to have irrevocably fixed exchange rates while individual countries retained independent monetary policies...such a system could never have the credibility necessary to persuade the market that there was no risk of realignment. Thus EMU inevitably implies a single European currency, with monetary decisions...taken not by national Governments and/or central banks, but by a European Central Bank. Nor would individual countries be able to retain responsibility for fiscal policy. With a single European monetary policy there would need to be central control over the size of budget deficits and, particularly, over their financing. New European institutions would be required, to determine overall Community fiscal policy and agree the distribution of deficits between individual Member States... It is clear that Economic and Monetary Union implies nothing less than European Government...and political union: the United States of Europe. That is simply not on the agenda now, nor will it be for the foreseeable future.
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About Nigel Lawson
Nigel Lawson, Baron Lawson of Blaby PC (11 March 1932 – 3 April 2023) was a British politician. Originally a financial journalist, he was editor of The Spectator from 1966 to 1970. He was Chancellor of the Exchequer between June 1983 and October 1989 during the government of Margaret Thatcher and oversaw a sizable reduction in taxes as well as the privatization of many state-owned companies. He fell out with Mrs Thatcher over the issue of European monetary co-operation and resigned suddenly over her having supplanted him with one of her own advisers.
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Alternative Names:
Nigel Lawson, Baron Lawson of Blaby
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Lord Lawson
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Additional quotes by Nigel Lawson
Those who, in the nineteenth century, argued the dangers of a mass democracy in which a majority of the voters would have no stake in the country at all, had reason to be fearful. But the remedy is not to restrict the franchise to those who own property: it is to extend the ownership of property to the largest possible majority of those who have the vote. The widespread ownership of private property is crucial to the survival of freedom and democracy. It gives the citizen a vital sense of identification with the society of which he is a part. It gives him a stake in the future—and indeed, equally important, in the present. It creates a society with an inbuilt resistance to revolutionary change.
...this Budget represents a continuation of the policies which we have pursued consistently for nearly nine years, and which we will continue to pursue—a continuation of the steps that we have taken in nine previous Budgets, and of the major reforms that we have introduced in other fields, too, all of them designed to encourage and reward enterprise and so to liberate the energies of the British people. The tax changes in this Budget consolidate Britain's move from a high-tax country to a low-tax country, at all levels. Since 1979, the top rate of income tax has been cut from 83 per cent. to 40 per cent. The basic rate has been cut from 33 per cent. to 25 per cent. The corporation tax rate has been cut from 52 per cent. to 35 per cent. The small companies' rate has been cut from 42 per cent. to 25 per cent., and the 15 per cent. additional tax on savings income has been abolished altogether.
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Our achievement...has been to show that you can build far greater, and far more lasting, prosperity by letting people co-operate in the freedom of the market place than by making them submit to the coercion of Government regulations and state bureaucracy. If you look around the world today, East and West, even in Soviet Russia and Communist China, you will see that lesson being taken to heart... The truth is that a prosperous world based on free and open markets is a world of co-operation and interdependence between the people of all nations. By contrast, a world of closed, State controlled economies is a world disposed towards confrontation and conflict.
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