If you read my posts or look at the “Tag Cloud” on the right, you will recognize what a big fan of Wynne Godley I am :-).

Above is an Observer article from 1991. Click the newspaper clip to enlarge.

Quoting from the end of the article:

If we are to proceed creatively towards EMU, it is essential to break out of the vicious circle of ‘negative integration’— the process by which power is progressively removed from individual governments without there being any positive, organic, all-European alternative to transcend it. The nightmare is that the whole country, not just the countryside becomes at best a prairie, at worst a derelict area.