When the United Kingdom joined the European Commission as a member, the country’s decision to retain the British Sterling as a separate currency set the country apart from other nations. Commonwealth leadership and the continuity of London as a major international financial center provided rationale to the UK’s sovereign currency mandate.
In The Great Euro Crash (2013), BBC business editor, Robert Peston investigates the results to the EC’s economic union, and most specifically, the devaluation of the Euro. With the most recent threat of the Euro to the regional market, disequilibrium in currency valuation and coinciding debt crisis in the nations of Greece, Italy, Portugal, and Spain has incited a widespread geo-political debate about what members may expect of regional financial governance.
The fact that Europe has neared the edge of an economic crisis for the past two years suggest Peston, is evidence that Britain’s reticence was in effect, a concern about the uneven commitment to debt investment and monetary policy throughout the Union. Moreover, if the continued recession is the economic effect of those policies, the currency shall remain stagnant without proper restructuring at the regional level.
The film looks at the UK’s independent approach to European economic participation historically in the 1930s, when Churchill's proposal of a “U.S. of Europe” as a mechanism to unify the region post-bail out of Ireland, Greece, and Portugal by way of Britain’s powerful financial sector, which he feared might be impacted by the collapse of those neighboring countries, resulting in widespread economic disaster.
The Great Euro Crash, with Robert Peston
- ISBN 978-0-81609-285-7
- Run Time (50 Minutes)
- Copyright 2013
- Closed Caption (CC)