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It may not be in his hands due to all the soverignty we've signed away.
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Can you back that up? No, you can't.
We've got our own central bank and our own currency, both of of which are ours and which we control. They're ours, in other words. In the light of how poorly the ECB has responded to the economic crisis this now seems rather a good idea. On the other hand, the Greek problems are dragging the Euro down, which makes the pound less competitive. This is a bad thing, so perversely it's in our interests for Greece to get a good thumping bailout in order to steady the Euro at a higher rate v. the pound.
BTW the Eurozone is being dragged along by France. Everywhere else is basically in trouble still - the Germans only managed flat GDP last quarter and no one's got a plan to get them spending any money (Germans are historically large savers and are sitting on a lot of cash - the memory of hyperinflation is still strong, of course, so they're reluctant to fuel inflation by encouraging people to spend it, in much the same way as they're reluctant to bail Greece out. Unfortunately the best thing for the Euro would be to spend some of the big saver's money keeping the little guys afloat, otherwise you end up tearing the zone apart due to inflationary pressures in France threatening the necessary deflations in Greece etc.).
Basically Spain, Portugal and Greece are all suffering from the effects of paying people too much during the boom. Since they can't devalue their currency (since unlike the UK they don't run it) they have to deflate the economy by cutting spending, cutting incomes and increasing tax take. This is not fun and doesn't help them get out of recession *at all* - the only way to do that in a hurry is to invest public money in the economy.
In other words, all you Eurosceptics can have a jolly good laugh. Then thank Gordon Brown for opposing UK entry into the Euro.