“The vision of Neville Chamberlain in 1938 gives us an opportunity to reflect on the current state of the Australian share market. In particular it is instructive to compare its current malaise with the fairly buoyant market that existed between 1939 and 1945. In doing so we pose the question as to whether the current outlook for Europe is worse than that which presented during the Second World War? “

The decision by the United Kingdom to not join in the European Union Fiscal Pact may well be a defining moment for their economy. The UK Prime Minister Cameron was derided before he left for Brussels. The UK press and conservative politicians likened the European Summit to the German / United Kingdom meeting of September 1938. From that meeting Prime Minister Chamberlain returned and waved a document pronouncing “peace in our time”. This time there were warnings that the current UK Prime Minister should not return with a similar hollow deal. Thus the UK opted out and the coalition government is now confronted with a major split of views.

So what did Cameron and the UK Government object to?

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