• So the Eurozone will by 2016 represent only an eighth of world output. But it is important to realize that - with a declining population and other nations catching up – its relative economic importance will fall in later decades.• If the 2%-a-year growth differential between the Eurozone and the rest of the world seen in the 2000 – 2015 period were to continue, by 2050 the Eurozone would be a mere 5% of world output. (Yes!)
• It would be crazy for the UK to base its long-run economic strategy on a permanent association with an area in severe relative economic decline.
