| Should
the UK adopt the Euro single currency? |
| Posted: January 03rd, 2002 |
| By:
Colin Coates |
 |
Now that the Euro is a reality and 12 major
European countries have all given up their sovereign currency, do
you think that it’s about time that the UK joined the European single
currency or should we keep the pound and control of our own economy? |
It has been several years in the making, thousands of meetings, arguments, agreements and disagreements but finally the eagerly awaited arrival of the single European currency became a reality in magnificent style across 12 European countries at midnight 31st of December 2001.
Pro Euro politicians and everyone else that backs the worlds newest currency must have been delighted with the success of the launch which was preceded by huge street parties and brilliant fireworks displays in Europe’s most beautiful cities.
Euro sceptics on the other hand were probably overwhelmed for a few hours after midnight but soon came round to establish their counter attack on the new currency and why we shouldn’t join it.
At the moment the Euro sounds to good to be true. The launch was a total success, European citizens and businesses have taken to the Euro like a duck to water and everything is going fine, in fact the new currency even made good gains against the dollar and the pound on the currency markets in the first few days.
So it’s safe to say that the conversion has been completed too much satisfaction to all involved. However the launch was just the first phase of the economic test, the second phase will not be so easy and will take some time to complete.
In about 2 – 3 months all old currencies will be phased out of circulation, this is when the new currency will have to work hard to prove to the world and especially the UK, Sweden and Denmark that the Euro is a safe and prosperous currency.
There is no doubt that the Euro has some very powerful enemies right here in the UK and they do have some very good reasons why they would fiercely reject the Euro. This new money is much more than just notes and coins.
All participating countries have to hand over major monetary policy such as interest rates to the European bankers at the ECB ( European Central Bank ) and the European Commission.
The political and democratic structure of these institutions remain unclear and lacks transparency, we all know how colourful the new notes are and how much they are worth but we know little about the institutions that control them. Immediate measures need to be taken to convince us to join the new monetary community. This can and should be made clear by our government and the European commission, it’s just a matter of presenting us with clear and fair policy before we have a referendum. 12 of the 15 European states managed to do exactly that.
There is little doubt that the UK’s entry into the Euro is inevitable, it’s just a matter of time. When we see the results of Gordon Browns “economic tests” there will be a referendum and the British people can walk into it with our eyes wide open, just like our European cousins did at midnight on the 31st of December 2001.
A well-known politician said, “the UK is not in the Euro but the Euro is in the UK”.
At least if one day the EU decides that it’s time to cement their European dream and also adopt one common language we can stay confident that our European cousins will all have to speak 'the English'. |
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