The pound’s slide against the euro has begun to trigger concerns on the continent that the UK is seeking to gain a competitive advantage over its European Union partners.
Sterling has fallen by more than 25 per cent on a trade-weighted basis since the autumn of 2007, raising the question as to whether Britain is letting its currency fall to help its exporters at a time when the eurozone is falling more deeply into recession.
Asked about sterling’s fall in an interview with Sky News on Monday, Christine Lagarde, French finance minister, said that all G20 countries had last week promised to minimise any negative impact on trade and investment of their domestic policy actions.
The European Central Bank, which rarely comments directly about exchange rates, uses similar code to warn countries to support their currencies.
Without naming the UK, Lorenzo Bini Smaghi, a member of the ECB’s executive board, on Monday reminded EU states outside the single currency that they had to treat their exchange rates as a “matter of common interest”, as stated in article 124 of the EU treaties.
In other words, the EU is saying, to the British government, "don't you fucking dare put the interests of your own country and your own electorate first; because you are in the EU, the interests of other countries, of other electorates, should come before your own."
To which the only
It probably won't be, because the Prime Mentalist doesn't actually have a spine, but this move does, in any case, make a mockery of the Tories' favoured line of "in Europe and not run by Europe."
If we are in the EU, we will be run by the EU—and nothing that Dave or Gordo says will make any fucking difference.