Bootle, who is also the author of a new book The Trouble With Europe, argued that the EU is the most important thing which stands between Europe and success. According to Bootle the EU's problems will only get worse without radical economic reform and substantial improvement in governance and political leadership. For Bootle, this means fundamental institutional change to replace the EU.

Leach spoke about the economics of EU membership for the UK, showing that from the outset, when the UK joined the then Common Market, membership was projected to be net negative. The majority of studies have shown membership to be net negative, but it is also true that the majority of studies have been produced by those favouring exit. 

Leach argued that both sides of the debate need to up their game in terms of the quality of the analysis. Those favouring exit need to produce far more rigorous estimates on the costs of regulation and resource misallocation. Those wanting to remain inside the EU need to produce more rigorous analysis of the impact of the Single Market and FDI.

Video - What Do We Know About the Economics of the EU Membership? (Pt 1) Graeme Leach

Video - What's Gone Wrong with the EU? (Pt 2) Roger Bootle

Further information about the Legatum Institute's 'Economics of Prosperity' lecture series is available here.

About the Speakers
Roger Bootle is one of the City of London’s best known economists, who founded Capital Economics in 1999. Formerly he was Group Chief Economist of HSBC. In 2012, Roger and a team from Capital Economics won the Wolfson Prize, the second biggest prize in Economics after the Nobel. Roger appears frequently in the media and is also a regular columnist for The Daily Telegraph and acts as a Specialist Adviser to the House of Commons Treasury Committee.

Graeme Leach is Director of Economics and Prosperity Studies at the Legatum Institute, which he joined in January 2014. Prior to this he was Chief Economist & Director of Policy at the Institute of Directors and an executive director on the Board and Council. Graeme is a frequent media commentator and public speaker, having spoken at conferences in 25 countries over recent years. He is also Professor of Economic Policy at the University of Lincoln and a member of the Shadow Monetary Policy Committee.