Sir, – First, let’s get to the root of the problem that plagues all western democracies: most politicians regard being re-elected as their first priority, resulting in their reluctance to take hard economic decisions when necessary.
Now let’s negate this unrelenting flaw by introducing the euro bond with strict economic rules attached. If a country operates within the agreed economic limits politicians have control of budgetary decisions; where the economic criteria are not met the ECB intervenes to get the economy back within agreed limits. The privilege of being able to borrow with euro bonds is exchanged for allowing an outside authority to manage our economic affairs if we fail to do ourselves.
Those who bemoan our loss of sovereignty should recognise we can have as much sovereignty as we like if we are economically responsible. In time, the euro would get a huge boost by being the only currency where the politicians were restrained from financial irresponsibility and would be well placed to become the world’s leading reserve currency. We could get a form of economic stability never previously experienced, a prize to secure our future. – Yours, etc,