Euro Ethics... continued

THE MONETARY ISSUE

The logical conclusion to all those preliminary negotiations was obviously the need to form a common financial policy which would require a single currency. This was implemented in 1999 when eleven of the member states opted for it. It was known as the Euro and was subjected to the European Central Bank, who can fix short-term interest rates and endeavour to maintain price stability.

Britain did not join,but the argument rumbles on as to whether it should. Current Polls indicate that there is not a consensus to do so. The Government has promised a Referendum before the final decision is taken, and it is understood that this would be irreversible.

There are strong arguments for joining. One of them is the convenience of tourists and business people visiting the continent, not having to sort out several currencies as they move around. British shops are already accepting the euro, so we are gradually becoming used to handling it. This is no great phenomenon as at present the euro is no more to us than any other foreign currency. The commercial world are pressing for its adoption so as to facilitate their trading with the continent.