The Puzzle of an inactive Britain
Oct. 27 (Bloomberg) — German Chancellor Angela Merkel and U.K. Prime Minister Gordon Brown will discuss ways of shoring up the global economy when they meet in London this week, Brown’s office said.
The meeting, scheduled for Oct. 30, will include discussions to prepare for talks on global banking regulation in Washington next month.
“The economy is likely to be by far the most significant issue they discuss,” Brown’s spokesman Michael Ellam told reporter in London today.
The whole world is in a flap …
And not a word out of Britain. Nearly a decade ago, while Europe was moving towards the Euro currrency zone, Britain held out, protested too much – and finally decided against it.
Because they were getting the benefits of the Bretton Woods-Oil-dollar benefits. London re-invented itself as a financial centre as a result.
Now, again, Britain is in the background. It is not on the dollar side – or the Euro side. And Angela Merkel is trying to get Britain to jump ship.
Britain will wait. And finally join the winning side – if any.
That is the way I see it, for now at least.