Professor Ngaire Woods on Britains relationship with the eurozone

Professor Ngaire Woods, director of Oxford Universitys Global Economic Governance programme, commented on the economic situation in the Eurozone at BBC Radio 5s Up All Night (03/12/2011).

Describing the recent efforts by France and Germany to deal with the euro zone crisis,Ngaire also analyzed the dilemma faced by Great Britain. On one hand, there is the recognition that the British economy has a vital interest in the well-being of the eurozone, and the shared view between the British and the German and French governments that the weaker countries of the eurozone must accept strict austerity programmes and structural adjustment. On the other hand, the Conservative party in Britain does not want a deeper European integration, which is fiscal union would clearly involve.

Ngairealso commented on the dynamics between national politics and common economic imperatives during the current crisis.

The full programme can be heard here (c.14:00 on the iPlayer clock).

On 18 December Ngaire appeared on BBC Radio 4s programme Broadcasting House, discussing the days news stories. Ngaire choose to talk about a story in The Times, which focused on a British debate in goverment and amongst the public about the benefits of remaining in the European Union. Its a misguided debate, she said, Now is not the time to be thinking about what is actually a rather metaphysical question, because the fact of the matter is (...) that the European house is burning, and Britain relies so heavily on it; half of Britains exports are to the European Union. If the European Union partners economies collapse, the British economy will collapse.

This programme can be heard here (c.35.50 on iPlayer clock).

The following day, Ngaire appeared on 5 Live Drive for BBC Radio 5, in which she was asked about Britain being asked to potentially contribute 25 billion to the International Monetary Fund to help it resolve the crisis in the eurozone. She explained that, although Britain is not a member of the eurozone, it benefitted from a similar IMF package when Northern Rock collapsed.

This programme can be heard here(c.0.53.40 on the iPlayer clock).