New Direction hosted The Rt. Hon Dr Liam Fox MP who set out his vision of how and why the EU should change and how this could benefit Britain and the rest of the EU.
We were honoured to host The Rt. Hon Dr Liam Fox MP, former UK Secretary of State for Defence at our inaugural lecture. To a packed conference Dr Fox set out his vision of how and why the EU should change and how this could benefit Britain and the rest of the EU.
He warned that the Eurozone had neither enforced 'convergence criteria' for countries which aspired to join, nor imposed fiscal discipline on its member states, in effect allowing the Eurozone countries to run up enormous deficits. As a result, Dr Fox argued that Eurozone countries must now either give up their economic sovereignty and accept free fiscal transfers between debtor and creditor countries, or confront the breakup of the Eurozone itself to allow the debtor countries to avail themselves of lower exchange rates.
Furthermore, Dr Fox warned that in order to restore public confidence in the immigration system, the government must either curtail migrants' access to benefits, or create a system of work permits to regulate migration to the UK. Therefore, he endorsed David Cameron's proposal to renegotiate the terms of Britain's EU membership before holding an in-out referendum, rather than holding an immediate referendum and running the risk of Britain voting to remain in an unreformed EU.
Stanhope Hotel, Brussels
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