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Sunday, 25 November, 2001, 11:30 GMT
Should Britain join the euro?
UK Prime Minister Tony Blair has said that the UK has missed the boat in Europe too many times, in what is being seen as his strongest hint yet towards joining the euro.
Disclaimer: The BBC will put up as many of your comments as possible but we cannot guarantee that all e-mails will be published. The BBC reserves the right to edit comments that are published.Mr Blair spoke of the British "tragedy" of missed opportunities, with the biggest mistake being the failure to join from the outset what is now the European Union. In a speech to the European Research Institute in Birmingham, Mr Blair repeated his policy that key economic tests must be met before a referendum on euro entry. The move comes on the back of other recent pro-European speeches and Europe Minister Peter Hain's UK tour promoting the benefits of EU membership. What did you think of Mr Blair's comments? Is Britain any closer to a euro referendum? Should Britain join the euro?
Matthew Knowles, UK
My concern is that the government will set the options in any euro referendum to split the no vote, I can see it now:
You only have to look at the Irish rate of inflation and the German level of unemployment to realise that there is absolutely no economic benefit for joining the euro. It is a purely political project for the greater glory of Emperor Blair.
Quote "The tragedy for British politics - for Britain - has been that politicians of both parties have consistently failed, not just in the 1950s but on up to the present day, to appreciate the emerging reality of European integration."
Wrong - The tragedy for British politics - is that our prime minister thinks that he is president and can dispense with parliament and the second chamber whenever he sees fit. Blair cannot decide when we enter the euro - it is up to the British public, and I hope for our financial sake that the answer is a resounding "NEVER".
It is a mistake to think that because different countries are using the same currency then prices will be the same in those countries. For example it could still be a case of an item that costs 100 euros in say France being priced at 130 euros in the UK. The currency used makes no difference, it is value for money that is important. The world is controlled by the financiers and for the UK to join the euro would give away the UK's ability to control its finances. We do not want our finances to be controlled by the EU.
Lee, United Kingdom
Many of the arguments against the Euro seem to revolve around how much better the UK is than the rest of the world and how much better we do things. Given that many other European countries have better standards of living than us people in the UK should wake up and put this misguided attitude aside and say yes to the Euro.
Keeping Britain apart from the rest of the world won't make us Great again - co-operating with it might!
Would prefer to see US Dollars in this Country than Euros,
We have been close Allies with the US a lot longer than Europe.
Opponents to the Euro will start to have second thoughts when they realise we will still have to pay commission for changing currency when we travel in Europe, whereas those with the Euro will not. This will have more importance to most people than Britain's serious loss of competitiveness and jobs due to the over-valued pound.
Dr. Angstrom Thule, UK
When Tony speaks of missing the boat many times in the past, can he be specific about what boats we have missed. I don't accept his argument and want facts about specific events that can be related directly to not having signed up to the Euro.
Tony Blair's analysis of the history of the UK and the EU is misleading. Yes, he is correct in asserting that we have missed the opportunities offered to us, but joining the EEC was not one of them. Politically, other leaders would not have permitted the UK to join, and witnessed by de Gaulle's vetos in the first two applications to join the EEC.
The Euro is more than about economics, but if we do not join, we will use political influence from not being part one of the world's largest trading blocks. We cannot make it on our own, and it would be foolish to think so.
Some economists say it will save the British economy, others say it will be the downfall. Nobody has the courage and honesty to say, we really don't know what will happen if we adopt the euro.
I would prefer us to do things the British way, and fudge the issue. Let the euro creep into our economy by stealth and, if it works, we will use it and eventually have no use for sterling.
I am suspicious of the democratic credentials of the eurocrats who control the euro, and their fetish with reducing inflation, in a deflationary economic environment.
I'm sure many people in favour of joining do so purely to save them the worry of working out the equivalent cost of a meal when on holiday and also hope we sign up to the ancillary policies so we have 30+ more holidays a year and a 5-hour working week! In other words, take the best, most flexible and efficient labour forces in Europe and destroy it over night - a very sound economic idea. Let's also not forget that the City of London would cease to exist as a world renowned trading centre - billions of pounds (sorry, I said the pound word, that makes me a ranting xenophobe in Tony's eyes) in investments would be lost whilst at the same time, the Bank of England loses its status and becomes a 'local branch' - say no!
If we join we can get cheaper mortgages as the EU's interest rates are always lower and cheaper goods. If we don't, we can continue to see the queen on our currency. Vive Le Republic!
In 10 years time when the UK will be a full member of the eurozone we will look back at this debate and draw parallels between it and the similar controversy over the 1971 transition to decimalisation. Our emotional attachment to the pound and the fiction of the sovereign nation state will then seem as quaint as the days when we worked in pounds, shillings and pence.
Dale swain, UK Definitely keep the Pound. But if Tony wants to change public opinion quickly just send every registered voter in the UK a cheque for Ģ10 worth of French Francs (Or even Euros). Everyone who wants to cash it in will be charged Ģ12 by their bank to change the currency.
If ignorance is bliss - Europhobes must be deliriously happy!!
We were told that the euro would be a strong currency - it has plummeted since its introduction. We were told that inflation would be lower in the eurozone - it is currently higher than in the UK. We were told that the City would suffer from being outside the eurozone - it has reported record trading figures in the last year. We were told that the lower interest rate would lead to cheaper mortgages - we already have the third cheapest mortgages in the EU. We are now being told that we will lose 'influence' (whatever that is), millions of jobs (our employment record continues outperform the EU average) along with numerous other scaremongering predictions which are expected to frighten us like lost little children to running to the comforting arms of the all-wise safety of Euroland.
Mr. Blair says we should learn from history when dealing with the EU. I agree. We should learn from history that politicians, home and abroad, will tell lies and half-truths (a notable exponent being Ted Heath) to promote these grandiose-sounding plans, like the common currency, in order to further this 'noble' integrated European project which will benefit the politicians and bureaucrats of the EU and a few global multi-national businesses, whilst continuing to undermine freedom, democracy and self-determination for the rest of us. Oh, by the way, Mr. Blair plans to be the first president of this superstate - hence his enthusiasm for all this.
Why do people look at this issue as being black and white? There are good and bad points to either argument and NOBODY can forsee the full implications of either action. I for one am happy to take a chance with European integration.
Ruth Williams, UK
Only a fool stands aside from his neighbours.
It's not the Euro that I'm against. It's everything that will go with it. Anyone with any sense will know that the European Bank will end up making Monetary Policy to bring everyone in line. The UK will lose control of its monetary policy, as we head towards a federal EU State. It's no good saying otherwise. We have already seen a sign of this when Ireland was wrapped over the knuckles for not following the crowd a while back.
My main fear is the huge difference between our low tax, low unemployment economy and the poor performing French and German economies. The Euro draws all to the lowest common denominator, so the UK can expect a rough ride if it joins. Rising prices, stagnant growth and less control over taxes and interest rates. The pre-eminence of the City will be lost to the ECB and Frankfurt. Politically the Euro may be a good idea, but the ordinary people will lose more than they gain, and believe me they'll have plenty to moan about 2 or 3 years into the change. Not having to convert from Sterling to the Euro when on holiday is not a good argument for joining.
Vaughn Marles, England
I think that the UK attitudes to the Euro and Europe in general are misplaced.
By not being a founding member of the Euro, the UK has missed the boat. The Euro is not going to go away, I live 45 minutes from the French boarder and I can't wait to be able to go over do my Saturday shopping with the same money in my pocket. Equally when I come back to England I would not like to have to change my money.
But as to UK sovereignty - If the UK was the 51st state of the USA would it really have anywhere near the same influence and prestige of being a member of 15 (and maybe 30) European nations.
Somehow I don't think so.
Never! I don't care what the "yes" campaigners tell us, the bottom line is that we will be worse off because our financial independence will be gone forever - extinct. Recent events have shown that once again Britain acts while other European countries sit back and watch. Why should we weaken or destroy our sovereignty? Where will that leave us in the world?
Christopher, England NO - but as a single economic community (allegedly) we should, logically, have the same currency. However, the expense to switch from our current base currency to the new Euro will be enormous. Has anyone actually stated the actual cost to each of our European cousin nations to change their existing currency to the Euro?
When we converted to decimal currency there was a minimum disruption. Only the copper coinage changed with all other currency denominations remaining as it always was. Even that caused a few problems for some of our older citizens. The answer is surely to fix the value of sterling against the Euro, preferably at a lower exchange rate as currently exists to give our manufacturing industry a chance to survive against the rest of Europe. This should keep everyone happy. Or will it?
The case for or against the Euro is an economic one, but I fear the case will be won or lost on emotional issues.
James Winslow, USA
As somebody who works in several European countries, I am already living the Euro and see the huge benefit of it. Unfortunately we have this misguided assumption that the rest of Europe cares whether Britain joins the Euro or not. In fact most countries feel Britain is some quaint little country living solely in the past. They would not like to travel on our trains, have need of our hospitals or try and get a drink after 11pm. they are generally better paid and have a far better standard of living but we keep believing we are the greatest nation on Earth.
Replacing the pound with the euro will not make me feel any less English or British. The pound is simply not something which I feel is part of my English-ness. A fair judicial system, the BBC, cricket, the ability to laugh at ourselves and confuse others, a pretty un-corrupt parliament and civil service are among the best things in the UK. Not the pound, I'm afraid. And by the way, does anyone seriously think that governments (UK or European) have more control over the economy than big business?
Malcolm McMahon, York, UK
The Euro is right!! For Industry and Commerce but not for the people. In the countries that are changing to the Euro, why has nobody asked the people? They did in Denmark and got a 'No' so the EU changed the question to get a 'Yes'. I do not understand why we have to loose Sterling, Guilder, Mark, Franc, Drachma etc. For as long as there has been currency, exchange rates have existed. Where countries borders meet, both or more currencies sit side by side without problems, why not with the Euro now alongside the National Currency? Let the Business community work in Euros and leave the people to shop with Sterling, Drachma, Franc, Peseta, Lira etc.!! This transition is for business not the people, so let the business live with it and leave us poor souls alone.
The majority of people seem to be adopting the "...it's the fear of losing National identity" argument as to why people don't want to adopt the Euro. What about other arguments such as the UK's economy is still in positive growth whereas the rest of Europe is contracting? Or perhaps that interest rates would be set with an overall view of Europe and not to suit any particular country - a system that cannot result in anything but an independent nation being worse off, plus they seem to be set ineptly by the ECB at present. When will people stop to realise that it's not your geographical proximity to Europe that counts but the alignment of your economy and national interests - ours will definitely not be better served by being a European puppet state. Also ask yourself why Europe is so keen for us to join - we're the world centre for FX transactions and larger by far for fund management and derivative/share volume. As it stands we're a more attractive investment opportunity because of our interest rate freedom - we can compete with them, or adjust to suit our needs.
It seems to me that the pro arguments mostly comprise of idealistic hopes.
My opposition stems from:
I think a single currency will only work successfully in the long term within a single nation. The Euro almost inevitably means a United States of Europe. How many Europeans are truly ready for that marriage: for richer or poorer, for better or worse?
Well, if the UK is so hesitant about joining the Euro, I am sure that my fellow Americans would welcome the idea of you joining the dollar. Who wants their currency to be reduced in value by the other unstable and extremely volatile economies that will be joining the Euro in years to come. Would you want Turkey's inflation problems deflating your money? I think not. You want a currency you can count on...join the dollar.
With the growing advance of digital means of payments there will come a point when real money, the stuff in your pocket, will no longer exist. With this happening is arguing over currency really that important. As long as we have a means of exchanging a token amount for desired goods, it's name is unimportant.
Steve, UK
My company trades with the world. If I had to choose between dollar or Euro then the dollar would win. Our elected government must run the economic future of UK no an unelected undemocratic body in Bruxelles. They interfere with us too much already. USA is our biggest inward investor so lets join them, at least we can be left alone to run our affairs which suits us best.
The government's attempt to simplify the euro debate is an insult to the British public. The question of joining the eurozone is not simply an economic one, but one which brings into question the very sovereignty of our country. As the Irish have found joining the euro severely compromises economic policy decisions at a national level and ultimately erodes the power that individual nations have over their own destiny.
This is not Eurosceptic mumbo jumbo, the decision to join the euro will determine the future of the UK for many years to come and ultimately whether we remain a sovereign nation or become a federal backwater.
On a different note the University of Birmingham must be severely criticised for allowing Blair to use the University as a political platform. This is not the first time that this has happened (remember "education, education, education"?). Universities should be independent of politics and the University should be ashamed for allowing this to happen.
If there is a referendum I hope we are provided with clear information and not the yah boo rubbish supplied so far by our tabloid press. I'm for the Euro, if the British way of life will be destroyed for ever by the introduction of the Euro then it's a pretty fragile way of life. The UK has experienced many changes of currency and we are still here.
Neil, UK
As a Business student, I can say that all my lecturers want us to join the Euro as it will harmonise taxes (hopefully cheaper fags and booze), businesses in the EU are more willing to set up over here as they don't have to pay commission and have to put up with the strong pound (the top excuse for multinationals losing profit before Sept 11) and best of all, travellers that want to travel several countries in the EU don't have to worry about carrying about 3 different types of currency.
Why do the English people consider the only cultural identity they have is an alloy of metals? Please debate the issue based on economic and social considerations rather than the make-up of a disc of metal!
To the average man on the street who maybe holidays in Europe for 1 week a year, this whole debate seems worthless.
We don't want a new currency unless the conversion rate is 1 to 1 as prices will rise.
The French are all complaining about this at the moment.
There is even talk of the Germans turning their noses up and it wouldn't go through if the poll was held today.
Overall, only Big Business is interested in the new currency, for you and me it'll be lots of calculator work, determining if those new prices on the shelves are value for money or not.
As the fourth largest trading nation with close ties to the US, I think we could survive with out it....
Blair is right. The history of the UKīs dealings with Europe at armīs length has been one of missed opportunities and simply delaying the inevitable. The sad consequence of this approach is that Britain grudgingly signs up years later having missed out on shaping and influencing the organisations of which it becomes a member. The UK will join the euro, there is no credible possibility of the UK going it alone forever. Iain Duncan Smithīs īneverī approach is simply knee-jerk idiocy. But the responsibility lies with Mr Blair: the PM should use his powerful mandate and have the courage to push forward.
No - referendum will show that, and it will be a bigger turn out than the General Election.
Simon Constable, Spain (UK expat)
The rest of the EU (with the partial exceptions of the Netherlands and Sweden) have a massive black hole in their budgets. Over the next 20 years, as their populations age, they will no longer be able to afford the pensions they have been giving their citizens. If we join the Euro, we will give them a blank cheque on our pension funds to use to pay their pensioners.
The most oft-given reason from the "yes" camp seems to be, in one form or another, that the other side is motivated by "bigotry" or "xenophobia" and must therefore be opposed. This is utterly wrong-headed. The economic case is questionable, at best (as the Treasury recognised in 1997). And the political case is not about "xenophopbia". It's about accountability. Thatcher and Blair both made parliament less important and government less accountable. EMU membership would take us further down this undemocratic route.
Ireland is moving over to the Euro at the end of this year and I am looking forward to it. The UK keeps going on about how it would lose it national identity or that it is a great nation without being in Europe but what is going to happen when all the 'non-entities' come together under one currency and leave the UK behind? If all the UK has now to mark it's identity is a few bits of paper and metal then surely there is something seriously wrong.
Graham Sedgley, England
When are people going to realise that this is only an excuse for the markets and all the corruption associated with that misguided system to create more wealth for themselves by doing nothing. Just another layer of beaurocracy to be paid for, that produces nothing. The only people making noises about joining are the ones who know they will make money from it. Manufacturing Cartels will still control prices and the euro is variable across national boundaries. Surely we should be concentrating on getting the EU to work as it was intended and not to be a gravy train for the old boys network.
I find it curious that Mr. Blair should encourage us to join the Euro for fear of "missing the boat" and being unable to influence events from the outset. The Euro was launched almost three years ago - it's too late to influence anything now, and unless there's a radical change in government policy I doubt we'll be introducing Euro notes and coins with the rest of the Euro-zone next month. As for missing the boat, the Euro has lost over 20% of its value against the dollar since launch - should we have been on board from the start?
As stated we have a fair amount to gain economically by joining - in the long term. As shown by the recent world events political, economic and environmental issues are now global and no matter how great we are we cannot stand-alone. Ridiculous ideas about surrendering our sovereignty are laughable. Ask any German, French or Italian person if they are any less patriotic after joining and I am sure the answer would be no.
This xenophobic nonsense about the Euro somehow reducing our Britishness is absurd - it's only money. Admittedly, we have to ensure that we enter at the right time but we shouldn't avoid entry based on some paranoid fear that we will be eaten up by Brussels. Frankly, the idea of being able to travel around Europe and use my domestic currency greatly appeals to me.
Let us look at hard facts. EMU (more than just a "single currency") is just another part of the EEC/EC/EU's endless political process begun in the 1950s by which the politicians gather to themselves more and more power while at the same time distancing themselves ever further from accountability to people they purport to represent and serve. This has been deliberately cloaked in language about breaking down barriers to increase prosperity, and although the economic benefits deriving from the EU are dubious at best, it has been a spectacularly successful strategy. Flush with consumer goods, and deliberately misled by their political leaders, most of the people of the EU's member states seem not to notice - or not to care - that their right to decide who governs them has been systematically stripped from them.
When the new unaccountable rulers of Europe start to do things we their subjects disapprove on, we will soon find we have no way to get rid of them. If you don't see the danger here, imagine if it had been impossible to get the Tories out in 1997, however much they were hated. This is how it is with the EU now. Not only should we not join EMU, we should get out of the EU now.
As the yes/no mandate has not yet occurred, I do not see how people can state that there is a majority either way. I was under the impression that William Hague gambled on the keep the pound card and lost the hand rather badly. Personally I would vote 'yes' but my vote would not be based on sound argument and reason (as none have been offered from either side of the debate -sorry non-debate), but merely on the fact that I see myself as a European (which we are in the UK). I do not feel that my self-identity will somehow evaporate if there is a change to the units that I spend (a change that has already occurred in my lifetime).
I think it is about time that this country had a serious debate on this serious issue, preferably devoid of scaremongers and simple rhetoric as was shown during the T.V. Royalty debacle. So far the 'Yes' camp are saying nothing and the 'No' camp appear as nothing more than xenophobes.
Most of business is already behind the Euro. Next summer the British public will come back from the Costas with their pockets full of Euro notes and be furious that they get hit for exchange charges before they can spend the money in their own country. If there's anything wrong with Blair's statement it's just that it's been made ten months early.
Kulu, UK
The amount of Euro-scepticism here worries me, unless it changes we may miss out on being part of a massive political project which should bring benefits to individuals and businesses alike.
Most definitely. The UK should shrug off its archaic understanding that giving up the pound means giving up their economic security. This idea is a myth - no country has absolute control over the value of its currency. Value is always determined by the economic situation the country and the world is in. Joining the Euro would help stabilize the Pound, reduce costs for exporters, raise wages and reduce costs for goods. The UK should stop standing on the sidelines and join. Now. Today. Immediately!
Yes join the Euro ... as we have the same economies as Greece, Spain and Italy to name a few. Also bear in mind that there has been an indication that the goalposts will move to allow Poland and some other Baltics easier entry. With a single currency there is also an ablility to set common taxation rates (do you want a basic rate of 45% as in Denmark?) as well as common benefits. Sounds like an invasion to me....
No doubt the PM is afraid of having a Referendum now on the Euro because he knows exactly what the result will be! If Germany and France had a referendum neither would have joined the Euro with the high rate of dissatisfaction within both countries of losing the France and Deutschmark. It is rather sad that the PM continues to 'punch the public' about the Euro in the hope that 'they will give-in and accept HIS policy'. I hope that we never every join the Euro - I wished that we had not joined the EU!!
The benefits of the single currency are manifest: more inward investment (current investors are bringing wealth into the UK on the belief that we will join the Euro as that is the Government's position: if a referendum is lost that investment will be turned off like a tap, with millions of jobs lost). If we are outside the eurozone UK businesses will have to pay trade tariffs to export to the eurozone which will make our goods uncompetitive abroad, leading to yet more job losses. Lower prices and mortgage rates are just some other minor benefits.
Most people who oppose the euro seem to be tabloid-led reactionaries who have an innate suspicion of foreigners, and who when they do venture abroad make no attempt to integrate with other nationalities or their cultures. I actually believe there shouldn't be a referendum. This issue is too complicated for most of the electorate to understand (a simple question: what do you understand by the term 'qualified majority voting'? Don't know? Thought not!). I am happy for the government of the day to decide.
When is this country going to grow up, stop hanging onto a lost imperialist past, and ditch this xenophobic attitude.
As President de Gaulle hated the British so much that he didn't want Britain ever to be in the EU when the idiotic idea came up, and given the fact that our parents and grandparents fought damned hard to keep British freedoms, I certainly don't want to be ruled from a European country which would certainly happen if Britain adopted the Euro. We don't need the Euro any more than we need to be part of the EU: all we seem to do is pay money into Brussels' bottomless pit and yet get absolutely nothing out of it - the millions we pour into keeping MEPs in lavish lifestyles would be better spent on improving our health, education, and transport services. Joining the Euro would do to Britain what two world wars never did - it would completely impoverish us!
Stephen, UK If this was simply a currency matter, then the answer is simple, too - who cares? It matters not what you name the currency in your pocket, it still buys the same goods and services. However, the issue at stake is that we will lose control of our fiscal policy to unqualified political appointees somewhere on mainland Europe who have no concept of how their decisions will affect Joe and Jane Bloggs in Moss Side or wherever else he/she lives. Levelling of prices across the European market has to be a good thing, particularly in rip-off Britain (unless it becomes rip-off Europe), but forcing the adoption of a common economic policy across disparate countries is asinine. Even the United States recognises this, with separate state economic policies. The federal government is trying to devolve MORE fiscal responsibility to states (sometimes over their objections), not to centralise it.
My biggest worry is a return to the Resale Price Maintenance and other stupid (and communist) policies of the 60's. Where the free market economy then? Tony Blair's concept for joining the Euro? No thank you.
Why does the Prime Minister continue to push this? Two thirds of the population, two thirds of businesses and trade unionists oppose membership of the euro. Even a majority of Labour voters oppose membership! Tony Blair needs to understand that public services are the main priority for this country, not wasting time and money on joining a failing currency.
Alex Powell, Netherlands
Of course the UK should join the Euro, the only question is when. There is a solid economic case for being part of the Euro which will have benefits for both business and consumers alike, and this case has been made many times. The only case ever put against joining seems to be an emotional reaction against losing the pound, with no rational arguments ever presented. Joining the Euro should be treated as a separate issue and not linked to worries about the performance of the European Commission. Of course there are changes required there but the UK stands less chance of having a strong voice in Europe and affecting those changes if it does not join the Euro. Living in Belgium I've been living with the Euro on bills, bank statements and shop prices for months and I'm looking forward now to getting the coins and notes in my hand too.
A couple of the comments on this page bluntly demonstrate the near-paranoia that surrounds the issue. It's simple - the pound will not be strong enough to hold it's own in the long run, so we HAVE to join forces. I guess we could theoretically join the dollar (which would probably be politically more acceptable), but surely it would be better to join forces with the continent that's only 25 miles a way instead of several thousand. It's up to us to make it work.
Save the Groat!
Scott, England
From a personal point of view I would like the UK to join the European currency. I agree with the Prime Minister that we have "missed the boat" too many times in the past. I really don't think that we would be ruled by Germany or France but we would become far closer to our European partners. From a business point of view the company I work for provides services to British companies so I really don't know where they stand! Yes - let's go for it !
The "wait and see" approach is absolutely the right one for the UK right now. The UK economy is not wholly in line with the rest of Europe, but like it or not is moving ever closer, as indeed it should. To join now makes no economic sense, as the gap in alignment with continental and UK economies necessitates control of our own fiscal policy. The Irish economy is a good example where lack of fiscal control has led to high inflation and prices.
But a referendum, a positive and active voice in Europe from the UK, and entry in s few years time is the right path to securing our economic future! Bravo Tony - keep up the "sterling" work!
Martin, UK
I wish that people in the UK would wake up to the fact that we are all Europeans, long gone are the colonial day's, thank god! The fact that the precious queen would no longer be on a sterling bank note...well frankly does it really matter. If you do not decide to join the euro you will as you have done before on so many European issues regret it. The manufacturing industry is already in serious decline and by not joining this will only make matters worse, with the decline of other industries to follow. If you consider Europe to be over-bloated and over-bureaucratic the only way to effect change is from the inside not ranting and raving from a position of no influence on the outside.
I live in Greece now. From January I can travel over most of Europe with one currency, except to UK, where I will have to pay to the banks a fee to convert my money, and suffer the exchange rate system. The US manages to operate a single currency across 50 states with their own local tax laws and economies. The UK must stop looking back to the days of the Empire, and start to join with other countries.
Who does not want the euro in UK? The banks, as they will lose their lucrative taxation on foreign trade and tourism. Who will benefit? Companies that want to sell British goods and ordinary people who want to travel without paying the bank as well.
Look at the damage done to the economy and the INTERESTS of Britons when interest rates were politicised. This country's economic fortune changed at long last when New Labour (conservatives) made their only telling and correct policy move to date. One which will go down in history as being their greatest achievement. Do not allow them to ruin YOUR future by experimenting with the UK economy for political purposes.
We join the Euro, mortgage rates drop by 2% and most families in Britain benefit by one to two thousand pounds. Prices of European imports stabilise and fall due to the lower risks. We don't have to pay banks 'commission' and suffer differential exchange rates for buying and selling our own money.
Looks pretty simple to me.
Hope the UK doesn't join! For us 'True Europeans' we are waiting - most of us eagerly - for the euro, which comes in about 40 days. No problems with travel, business transactions much easier, no exchange rate fluctuations, etc.. Maybe then there's more reason for good ol' Britain to finally admit that it's not part of Europe, much less being 'in the Heart of Europe'. Remember the infamous headline -"Fog in Channel - Continent Isolated"? Britain wants to enforce Metric Measurements, but no to Euro? Veto as much of European Legislation as possible, while demanding all the benefits? The Euro's your last wakeup call, folks!
We always seem to pause, rip ourselves apart over all EU issues and then eventually join - the Euro will be no exception. Remember the who ha over the minimum wage? Rules on working times? Even joining the thing in the first place. It's all very tiresome and the debate is conducted with sensationalist headlines backed up with 'Euro bores'. I frankly don't care what my currency looks like. I just want to have enough of it and please God read an article about the EU which does not bang on about the pro's and con's of the Euro.
I wish that people in the UK would wake up to the fact that we are all Europeans, long gone are the colonial day's, thank god! The fact that the precious queen would no longer be on a sterling bank note...well frankly, does it really matter? If you do not decide to join the euro you will as you have done before on so many European issues regret it. The manufacturing industry is already in serious decline and by not joining this will only make matters worse, with the decline of other industries to follow. If you consider Europe to be over-bloated and over-bureaucratic the only way to effect change is from the inside not ranting and raving from a position of no influence on the outside.
Dave, UK
If you want to cede economic control to a bunch of bureaucratic politicians, then go ahead, join the Euro. I'm sure Germany and France would be delighted to see us join; then they, not us, would decide monetary and economic policy in this country. Europe interferes too much in the governing of the UK. Don't give it the opportunity to do yet more damage. Say NO to the Euro, say it emphatically, and let's put the matter to rest once and for all.
Resounding no. Economically it does not make sense to hand over control of the UK economy to the European Central Bank. In the two years since the launch of the Euro Britain's economic performance outside the Eurozone has surpassed that of Europe, not least because the Bank of England has been free to set interest rates for the benefit of the British economy. Joining the Euro would be a sad capitulation and leave us in a position of no more than a 'statelet' of Europe. Vote no for the freedom to decide your own future.
Tony Blair will not stop until the UK is completely aligned with EU policies and operations. He is already demonstrating his need to rule supreme (take his total defiance of his Cabinet by failing to consult them on key issues, as an example). Even his own ministers say "he is more like a President than a Prime Minster."
If he can't even listen to his Cabinet, then how can we, the public, expect Blair to listen to anything that we have to say? If Blair wants us in the euro zone then he'll do it as soon as he can.
Blair has reached the pinnacle of political power in the UK so Europe is now his only chance of advancing his role.
Personally, I'm sceptical about joining the euro, especially as it is so early in its infancy, but in the future, then I see it as a strong possibility.
I only hope Blair doesn't drag us into something we may all live to regret.
Whatever Blair may want, the business facts speak for themselves. The Pound is strong at the moment, and one of the major reasons for this is the fact that we have not committed to the faltering Euro. A lumbering, worthless dinosaur has been created and we would be well advised to avoid it at all costs.
Also, surely Blair would not want to be in a situation where everybody using the same currency could easily see the extortionate level of prices in this country, compared to the rest of Europe.
The Euro has been up and running for some time - the experiment is on. Its existence has not lead to lower prices in the Eurozone, has lead to a depressed Germany economy and an inflationary boom in Ireland. The ECB has not yet shown itself a worthy successor to institutions like the Bundesbank; its performance has been poor to say the least. And our absence from the Eurozone has not lead to a weakened economic performance or diminished European or World influence. Let's wait and see, with the emphasis on the wait!
Colin Mackay, UK
I'm confused. Whilst I support strongly the more pro-European (and pro-euro) stance taken of late by the Prime Minister, his deeds do not seem to match his words. He argues that Britain has missed out in the past by not moving with European integration, citing our failure to join the Common Market from the outset. Yet he has simply repeated that mistake by not taking us into the single currency from the outset, having missed his golden chance just after the 1997 General Election. By the time Britain does join the eurozone, our ability to influence its institutions and development will have been limited by our current reticence. Actions speak louder than words, Tony. Take the plunge.
My real concern is where Europe goes next. I think greater integration will dilute democracy, which is already being diminished by globalisation. The only way to protect our rights is to avoid further involvement in Europe.
I think that not joining the Euro in the first wave actually helps our chances of joining it later. Had there been a referendum three or four years ago the small-minded jingoists would have no doubt won.
Chris, UK
The answer would be no, no, and NO. It's far too early to join euro because the rates in euro are too low to exchanged the currency with the rest of the world, i.e. America or Japan.
The fact that there are highly intelligent economic and political commentators on both sides lends itself to the argument that joining is a purely emotive issue. But emotions should not be a factor in such a monumental decision; having the queen's head on a coin shouldn't take precedence over job security, price transparency and long-term economic stability. We should join tomorrow.
Bill, Germany
How can the average person on the street understand global economics well enough to know if the Euro is a good idea or not?
Europe is not an optimal currency area, due to the problems of factor mactor mobility, cultural and language barriers. The UK also enjoys some of the lowest unemployment rates in Europe. Inward investment to the UK is greater than that of France and Germany combined. This will continue out with the EU, as the UK is generally viewed as "the gateway to Europe". However, the euro question is not one which should be considered purely on economic grounds. There are serious political implications, and we must also decide whether we want unaccountable, un-elected bureaucrats taking precedence over British law.
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