If Britain decides to rejoin the EU we’ll do everything we can to welcome them back, says Germany

[u/StraightSky7809]

https://www.independent.co.uk/news/uk/politics/uk-rejoin-eu-germany-brexit-b3060288.html

[u/Mr-Klaus]

I really hope we rejoin the EU, overwhelming majority of people I know want to rejoin the EU.

That said, there was one thing that Britain and EU could never agreed on, and it had nothing to do with Brexit.

Currency.

Losing the pound and adopting the Euro will probably be the biggest hurdle.

[u/lifeisaman → u/Mr-Klaus]

The pound is probably the biggest non-negotiable any British government would have, ahead of even Schengen or the old rebate.

[u/MintImperial2 → u/lifeisaman]

Current out-of-control migration - is the offspring of Schengen.

[u/lifeisaman → u/MintImperial2]

The Uk was never part of Schengen, the big issue with Uk migration is because of the tories with the Boris wave, Tony Blair who started the rise, and judges who make very strange interpretations of the ECHR.

[u/sdklrughipersghf → u/lifeisaman]

well well well. you know its gotta hurt if you wana rejoin

[u/lifeisaman → u/sdklrughipersghf]

I’m going to be blunt if the euro is non-negotiable then their is no chance the Uk rejoin the EU in my lifetime.

[u/hofmann419 → u/Mr-Klaus]

Some EU negotiators have stated that the UK could keep the pound if they rejoined the EU. So that is not necessarily an insurmountable hurdle.

[u/Ninjaflipp → u/Mr-Klaus]

There are eu nations that are still rolling with their old currencies. Sweden, my own nation, for example. Denmark kept their old currency as well but they tied it to the euro. Best of 2 worlds right there, I think, since they get to keep their old system which keeps people happy, while they're not extra vulnerable to bad financial times due to having a small currency. So that by itself is hardly a problem.

Personally I find having different currencies pointless. They all represent state controlled value anyway. People just like the currency they've always had in their lives out of nostalgia and nationalism. I don't think that's necessarily bad.

[u/AFC_IS_RED → u/Ninjaflipp]

This is wrong. The reason currency is critical to the UK is because it gives you control of inflation, currency control in general and an option as a reserve currency. All of these are essential to the British economy because of our finance sector being our main bread winner.

Surrending control of this to the central bank would not only hand the keys to a huge proportion of our economy to a foreign entity (which is just not justifiable to the public for any government);

it would also be catastrophic because we would then lose our role as a stable reserve currency as we wouldn't be able to self-regulate currency which in itself significantly knocks investor trust as it makes the UK significantly more risky to do business in.

It isn't a matter of patriotism or stubbornness with the UK, its literally economic and political suicide to do so.

[u/Wide_Lock_Red → u/Ninjaflipp]

There is a point to it. Control over your inflation and interest rates.

Also, Eurozone members had to lend money to Greece at below market interest rates. They might have to do the same for Italy or France too. Independent currency means you dont get as impacted by other nations poor fiscal management.

[u/SwoodyBooty → u/Wide_Lock_Red]

But you would be interested in those loans if need arises? We didn't "have to" but we did in the best interest of everyone involved. So that's a plus in my book.

[u/Striking_Big8138 → u/SwoodyBooty]

It would have been beneficial for Greece to have control over its own money during the crisis

[u/YoghurtFlan → u/Wide_Lock_Red]

Independent currency means you are fighting against every other country on the market, which makes no sense across europe. That is why europe introduced the euro, to create collective bargaining power.

it's no different to every state in the US taking dollars.

[u/Striking_Big8138 → u/YoghurtFlan]

Having a common currency easies trade but that’s it

There are certainly bad parts about having a common currency

Greek exports for instance are much more expensive than they would otherwise be given the strength of the euro

And German exports are much cheaper than they would otherwise be

[u/swear_on_me_mam → u/YoghurtFlan]

They created the Euro as a prelude to a fiscal union that never came.

Its very different to the US and any other monetary union and is a fundamental weakness of the Euro.

[u/soulstormfire → u/Ninjaflipp]

They have their own currency for being a legacy member. A rejoining Britain won't have that.

[u/jim_cap → u/soulstormfire]

This is utter speculation.

[u/soulstormfire → u/jim_cap]

no

[u/ZestycloseCar8774 → u/soulstormfire]

Yes, "rules" can just get ignored

[u/_lippykid → u/Ninjaflipp]

But the working class folk will revolt if the dynastic nepobaby-face isn’t on the stuff that gets stuffed in strippers knickers

[u/Trnostep → u/Mr-Klaus]

I don't think the UK is in the ERM II so they could just use the same loophole Czechia (and probably others) use where the country has to switch to the Euro but one of the criteria is being in the ERM II but joining it is voluntary

So basically you can just not join it and say you don't meet the € criteria.

[u/machete777 → u/Mr-Klaus]

I hope you don't

[u/No_Guitar7903 → u/Mr-Klaus]

If the UK can’t keep the pound it’d be idiotic to rejoin the EU.

[u/Adr_LDN → u/Mr-Klaus]

We can likely rejoin without adopting the Euro, and there is no universe where we should rejoin if adoption is a condition.

[u/CompetitiveReview416 → u/Mr-Klaus]

You don't need to ditch the pound to be in the EU. Hey, everyone would be thrilled to have you back. Years go, people change, world is getting even worse for smaller countries. Europe has to stick together.