Though I'm strongly opposed to Brexit I totally reject your argument regarding fiscal and monetary integration. With its own fiscal currency and central bank the UK has far more flexibility than either the Labour or Tory parties are willing to acknowledge, and the boggeyman of the markets is just a myth designed to maintain policies based on economic orthodoxy.
You don't have to be a supporter of MMT to recognise that the fiscal and monetary conservatism of the Eurozone, dominated not by neoliberalidm but German ordoliberalism, has been a disaster for economic growth, and has imposed unnecessary pain. Without fiscal transfers, which Germany won't countenance, one size doesn't fit all.
Simon Wren-Lewis, not a proponent ofMMT, has however set out how governments could finance deficits by creating money.
Thoughtful and compelling argument, though those opposed to rejoining will not engage with it in good faith.
Though I'm strongly opposed to Brexit I totally reject your argument regarding fiscal and monetary integration. With its own fiscal currency and central bank the UK has far more flexibility than either the Labour or Tory parties are willing to acknowledge, and the boggeyman of the markets is just a myth designed to maintain policies based on economic orthodoxy.
You don't have to be a supporter of MMT to recognise that the fiscal and monetary conservatism of the Eurozone, dominated not by neoliberalidm but German ordoliberalism, has been a disaster for economic growth, and has imposed unnecessary pain. Without fiscal transfers, which Germany won't countenance, one size doesn't fit all.
Simon Wren-Lewis, not a proponent ofMMT, has however set out how governments could finance deficits by creating money.
https://mainlymacro.blogspot.com/2024/04/could-governments-finance-deficits-by.html