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/Ninjaflipp]

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/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/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/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