I am broadly in favour of joining the Euro. It seems such a no-brainer. As a tourist, I resent the cost of money changing. Even though I have a commission free account, I inevitably lose out on exchange rates somewhere along the line. Indeed, it's such a hassle having to go and pick up currency before going on holiday. If it's an expense for the individual, I am prepared to believe it is even more so for business.
Time again, Big Business People state how their medium-and long-term investment needs are predicated on the UK joining the Euro. Just this morning, Alan Wood, Chief Executive of Siemens plc said that Britain not joining the Euro may lead to Siemens withdrawing investment from the UK.
There is a lot of popular opposition in the country to the idea of joining the Euro. Some of it is based on cold analysis of the hard economic facts, and I will respect that opinion.
But so much of it is based on sheer prejudice, or on absorbing the propaganda from newspapers owned by people who have just their own business interests to worry about.
Some people fear a loss of sovereignty were we to join the Euro. Ask the majority of them what 'sovereignty' they have, and they'll say that it's about having the Queen's Head on the coins. Ask them about all the other Western democracies where sovereignty is deemed to lie with the people; contrast that with the British system, where sovereignty lies with the 'Queen-in-Parliament'.
Apparently, if we join the Euro, we'll lose a lot of freedoms. Nobody's ever really explained what those freedoms are. Just because Eddie George has the freedom to set interest rates - and, thus, my mortgage repayment - at whatever rate he wishes doesn't give me any freedom. It makes no real difference whether it's the Bank of England or the European Central Bank.
Of course, interest rates in the Eurozone are significantly lower. According to the reactionary g Hertfordshire and Surrey Commuter Belt Evening Standard, this will fuel a housing boom, followed by a bust. This might well be the case; it doesn't really mention the fact that plenty of people would be very happy to see their mortgage payments slashed.
I think that there is such an ingrained insularity in too many Britons that once again, we are choosing to marginalise ourselves, and in time, will rue it, but feel better ruing than being 'ruled' by the 'French'.
