Sep 19, 1992 Margaret Thatcher was Speaking to the CNN World Economic Development Conference
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Huge sums would have to be transferred from richer to poorer countries and regions to allow them to take the strain. Even then unemployment and mass migration across now open frontiers would follow. And a full-fledged Single currency would allow no escape hatch.
The political consequences can already be glimpsed: the growth of extremist parties, battening on fears about mass immigration and unemployment, offering a real — if thoroughly unwelcome — alternative to the Euro-centrist political establishment.
If in addition you were to create a supra-national European federation, and the people could no longer hold their national parliaments to account, extremism could only grow further.
It is time for the European politicians to sit up and take note. Time to stop their endless rounds of summits — summitry is fast becoming a substitute for decision-making — and observe the reality around them.
There is a growing sense of remoteness, an alienation of people from their institutions of government and their political leaders.
The full transcript of the speech.
h/t to Steve H who sent this link to me.