Wolfgang Münchau is considered one of the world’s foremost experts on the Eurozone. Writing for Prospect Magazine, he argues that whilst there is a case for Britain remaining a member of the European Union, it has little to do with economics.
Wolfgang counters the common economic arguments for staying in, and demonstrates that relying on insecure arguments serves nobody. For example, whilst “The single market has a certain ‘motherhood and apple pie’ quality—it is very hard to be against it”, it is not known how much is the single market really worth. Wolfgang points out that EU-wide productivity has been in decline since the official start date of the single market in 1992, and as such “the single market is not visible in the macro statistics.”
He concedes that leaving would present risks, but none compelling enough to make the case for a vote to stay in. “No matter what happens,” Wolfgang contends, “Britain’s future relationship with the EU is going to be one of semi-detachment.”
Click here to read a summary of his key arguments.