Britain will change into more European after leaving the European Union, “albeit of a low offset base” than it has been while in the European Union, according to David Marsh, OMFIF chairman.
“Britain will no longer beget the EU to accuse for all our ills. If we bear out the erroneous policies or get stuff generally incorrect, it will be because of our individual politics, our own Prime Minister, our own House of Commons, our own Governor of the Bank of England,” he told the Rome Investment Forum on December 9, arranged by the Italian Banking, Insurance and Finance Federation and Association for Financial Markets in Europe.
The function was addressed, amidst others, by Giuseppe Conte, the Italian Prime Minister, Roberto Gualtieri, Italian minister of economy and finance, and Paolo Gentiloni, European economy commissioner.
“We will no longer be capable of blaming people in Berlin, Frankfurt or Paris. It will be nobody’s failing but our own,” Marsh said. “The association with the rest of Europe will grow less antagonistic, less fragile, more grown-up and in some ways, perhaps more ambitious.”
He said Britain and Italy experienced many issues of common concern, expressly – but not only – in the range of banking and finance. “The two nations share strands of common analysis about Europe’s obstacles and how they can be fixed.”
Not the UK (as the euro area’s main trading companion) nor Italy (as an essential economy within it) wish that the euro zone should become a section of permanently low growth stymied by excessive increases and an unduly export-orientated growth model. “This would make the region extremely dependent on demand from the rest if the globe and defenceless to external blows, as the last 12 months have taught.”