3. September 2025 20:00
Colin Munro
Venue
VHS Münster, Raum 104
Aegidimarkt 3
48143 Münster
Prime Minister Margaret Thatcher told President Mitterand in September 1989 “that it would be intolerable if there was a Single Currency and Germany reunified as well“. One week before the Berlin Wall fell, her Finance Minister, John Major, confirmed the government’s opposition to the Euro. Ten days after the fall of the Wall, the iron lady fell, in view of her hostility to Europe, succeeded by John Major, who aimed in 1991 to position the UK “at the heart of Europe”. 35 years ago, two days after reunification, the UK joined the Exchange Rate Mechanism (ERM) forerunner of the Euro, at the highest possible rate, without consultation with the cabinet, parliament or, contrary to ERM rules, existing members. Unification precipitated a consumer boom, inflation, and a rise in German interest rates. Speculation against the Pound led to the UK’s humiliating exit from the ERM in September 1992. Exit led ultimately to Brexit. The rise of Nigel Farage began, whose “Reform” party is now leading in the opinion polls. The EU was an unreformable federalist superstate in the making, run by unelected bureaucrats in Brussels, a French Socialist President of the European Commission, Jacques Delors, and Helmut Kohl, parodied in the Spectator magazine as a new Adolf Hitler, ideal bogeymen for the Europhobic media. David Cameron’s attempt in 2016 to end the quarrel festering in the Conservative Party since 1992 with an in/out referendum failed. Boris Johnson won a general election promising to “get Brexit done“. Five years after Brexit, the British people have not “taken back control”. The economy has shrunk, 56% want to rejoin. Putin and Trump are Brexit supporters, because it weakens the UK and the EU. The Labour government led by Sir Keir Starmer, a remainer in 2016, is attempting a modest “reset”. Drawing on his extensive experience of Germany, Colin Munro will explain how the flawed ERM decision 35 years ago led to a massive economic and strategic blunder.
3. September 2025 20:00
Colin Munro
Venue
VHS Münster, Raum 104
Aegidimarkt 3
48143 Münster
Prime Minister Margaret Thatcher told President Mitterand in September 1989 “that it would be intolerable if there was a Single Currency and Germany reunified as well“. One week before the Berlin Wall fell, her Finance Minister, John Major, confirmed the government’s opposition to the Euro. Ten days after the fall of the Wall, the iron lady fell, in view of her hostility to Europe, succeeded by John Major, who aimed in 1991 to position the UK “at the heart of Europe”. 35 years ago, two days after reunification, the UK joined the Exchange Rate Mechanism (ERM) forerunner of the Euro, at the highest possible rate, without consultation with the cabinet, parliament or, contrary to ERM rules, existing members. Unification precipitated a consumer boom, inflation, and a rise in German interest rates. Speculation against the Pound led to the UK’s humiliating exit from the ERM in September 1992. Exit led ultimately to Brexit. The rise of Nigel Farage began, whose “Reform” party is now leading in the opinion polls. The EU was an unreformable federalist superstate in the making, run by unelected bureaucrats in Brussels, a French Socialist President of the European Commission, Jacques Delors, and Helmut Kohl, parodied in the Spectator magazine as a new Adolf Hitler, ideal bogeymen for the Europhobic media. David Cameron’s attempt in 2016 to end the quarrel festering in the Conservative Party since 1992 with an in/out referendum failed. Boris Johnson won a general election promising to “get Brexit done“. Five years after Brexit, the British people have not “taken back control”. The economy has shrunk, 56% want to rejoin. Putin and Trump are Brexit supporters, because it weakens the UK and the EU. The Labour government led by Sir Keir Starmer, a remainer in 2016, is attempting a modest “reset”. Drawing on his extensive experience of Germany, Colin Munro will explain how the flawed ERM decision 35 years ago led to a massive economic and strategic blunder.