Draghi’s “quantitative easing” seems to be working in slowly reviving the European economy
by Jeremy Warner
As a basically Eurosceptic nation, it is sometimes said, Britain will only vote for Europe when it can look longingly across the Channel and see that the economy is notably better over there than it is here. So it was during the last referendum on membership of what was then the European Economic Community. Back in the 1970s, Britain seemed locked in a seemingly permanent cycle of economic decline. Contrast that with the steadily rising living standards of the time in Germany, and even France and Italy, and it is not hard to see why the overwhelming majority of voters thought they’d be better off in than out.
One of the problems the Remain campaign has got this time around in making a positive case for Europe is that it is no longer possible to point to any such contrast, and actually hasn’t been for a long time now. Some parts of Europe, notably Germany, are still doing fine, and arguably better than the UK, having experienced a rather swifter and more rounded recovery from the crisis than us.