Peter Harvey (peterharvey) wrote in uk_world,
Peter Harvey

In union there is strength

José Borrell, the leader of the PSOE list for the European elections, made an interesting comment yesterday: he said that the new Spanish government would not have withdrawn its troops from Iraq if Spain were not using the euro. What is the connection? The point is that if Spain still had the peseta, any suggestion of its withdrawing its army from Iraq would have been met by a US threat to destroy the national currency, as (Borrell said) happened to France in the 1980s when Mitterrand adopted policies that the Americans didn’t like. The backing of a powerful currency allowed Spain to act independently.

As it happens, the United Kingdom and Poland are not in the eurozone and still have troops in Iraq (though Italy is but also does).


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