Rejoining EU, what’ll it take?

I attended the EU’s citizens panel on virtual worlds over the weekend. One of the most inspirational aspects of this event was the ability to meet so many people from across the European Union. I took the opportunity, to talk to some about how they felt about British re-entry. One Dutchman felt we hadn’t suffered enough, and that we needed to wait. One German was anxious that we re-joined so as to reduce his tax burden. Another very well-informed Dutchman, said he felt that British public opinion under estimated what the EU would ask to allow us to rejoin and one Finn, said his condition on us re-joining was that we be forced to enter FIFA competitions as a single nation. I think this was a joke, but he seemed quite upset about Finland’s record against the UK nations’ football teams.

My informed Dutch correspondent started by talking about the euro. Some of what he said particularly on the Euro was a bit worrying, but it’s a price worth paying if that’s what it takes. I suggested that the Swedish precedent on the currency is important and that there may be dangers to the EU in attempting to subsume another global reserve currency too quickly. I also wonder if those nations hosting cities that have replaced London’s international financial trading capability, really want to see the London market makers able to trade in euro instruments so soon. To me more importantly on the currency and macro-economic convergence, are the limitations entrenched in the ‘stability and growth pact’. Debt levels and deficits should be the result of a democratic mandate and not embedded in an unchangeable treaty; the need to breach the stability and growth pact limits during the pandemic is a proof point to this truth. Perhaps the EU member states will take the opportunity to amend the requirement of Stability and Growth Pact. We agreed that the other opt outs are all gone; the UK will have to forgo its financial rebate, our charter of fundamental rights exemptions and comply with and join the Schengen treaty.  These terms are acceptable to me. We need to start talking about them.