*DEBATE* Is the UK ready for the Euro?

[-x-Kerrianne-x-]

Is the UK ready for the Euro?

On June 9, 2003, the UK Finance Minister delivered to the House of Commons his assessment of the five economic tests. He announced that Britain is not yet ready to join the Euro... Hence, UK policy on the Euro remains unchanged.

What is the Euro?

• On January 1, 1999, a single European currency (the euro) was introduced in 11 European Union countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain. Greece joined the single currency on January 1, 2001. Britain, Denmark and Sweden are the EU nations that have not adopted the Euro.

Why haven't we adopted the Euro?
The UK (United Kingdom) Finance Minister stated in 1997 that Britain will under-go five economic tests, they will undermine if a clear test can be made. The five following tests are:

• Sustainable convergence between Britain and the economies of a single currency;
• Whether there is sufficient flexibility to cope with economic change;
• The effect on investment;
• The impact on Britain's financial services industry;
• Whether it is good for employment.

Source: British foreign policy


Many individuals do not wish to participate in having the Euro. Read the following quotation and see why:

If you think the speculators can't get at the countries within EMU, think again. It won't be long before our derivatives geniuses dream up a new synthetic currency. Where there is motive, there will always be opportunity.

Do you think the UK has passed all of the 5 possible tests? Have we still got a long way to go? Should we even have the Euro? Explain your answer below!

Rules
Please do not post pointless comments such as 'I agree' or 'I don't agree'. You must explain your points and try to back them up with evidence. All other forum and debate rules apply.

[Seatherny]

I dont see why we need the Euro? Pound is perfectly fine! Changing to euro is most likely going to cause a lot of confusion etc!

[le harry]

As im australian, I dont really understand, but I have no idea why they should have these changes, it'll just cause confusion.

[xxMATTGxx]

No i think the UK should stay with the Pounds. I like having UK money. The Uk should always stay with Pounds because its like our own.

[NekkLe]

For those who arn't familliar with the Euro. Its a shared currency between the EU economy, where if all EU states were to share it, they'd benefit from it.

I myself am against joining this currency, I don't see why we should, its an additive along with joining the EU, something to help strengthen the economy. It does sound convincing in that aspect but who's to say that it will fail in future?
There are many questions about how the Euro may affect UK residents, in that sense future mortage rates, inlfation, exchange rates, savings accounts, cars, trade and many more. Three quarters of the population of the UK are against the Euro, until that measure decreases, government will take action by announcing a referendum (a national vote) whether to support or reject the Euro. With the reasurance of the majority population of the UK against the Euro, i'm comfortable, however, the last quarter of the population i'm unsure about.

[GommeInc]

The pound is worth more than the Euro, plus most of the countries in the EU using the Euro regret using it. France want the Franc back and a northern country wants their currency back. Those two are the ones that I have heard of lately that hate the Euro. Plus, most of the shops in some countries are rediculously expensive since the Euro hit them, but that is not the case.

Nekkle, you have to remember that somewherein that quarter are people who are unsure or don't care.

[Mentor]

Im not for globalised curranceys wich the eruo is part of, it dosnt give a contary enogh flexiblty with its currancy to compensate for inflation and other aria persific problems, to wich some erupoean contarys have found to there peril.
The abilty to control a contarys currency is important to be able to maintain stable groth of a contary echonicaly, And haveing this control allows it to be set in the best way to benifit THIS contarys echonemy.
The EURO is not BEST fited to any contarys more a comprimse before many, so that each indevidal contarys echonemy is danmaged, athogh this is usealy balenced by the large amount of new investament that comes from becomeing a member of the EU, athogh without the eruo becomeing a member would probaly be even more profiable to a contarys echonemy.

The Pound is a tryed and tested currency, and is well established and stable, the euro is not, and could still be seen to have a massive failure wich could collaps the echonemys running under it, if not controled correctly, hard to do with trying to mediate between the needs of a large number of contarys with only one rate at the end point.

Take exsample from whats happened to the echomeneys of many other contarys now under the eruo, like germany for exsample who before had an incrediably good set up for its workers, can no longer support that, (protesets from it were in the news a while back, i dont know how the dispute was evenatly resolved if it has been)

So no, i do not think britain should use the euro, the only benifit i can see would simply be conveniace, aka not haveing to change currency when visiting EU contarys. Other than that the rest is downsides such as instablty, loss of echonic and currency control, remoaval of abilty for echomeny to run under best condistiopns becuse you would be useing a currancey that comes from a comperimse from many, aka everyone is loosing out a bit.

[NekkLe]

Nekkle, you have to remember that somewherein that quarter are people who are unsure or don't care.

Yeh, I can see that point and there probably kids and youths. With the whole country having an understanding of what might occur if the UK adopted the Euro, I think 98% of the residents within the UK will disagree to adopt it.
Currently, the pound sterling is a solid currency and changing to a currency that isn't supported enough to know the full facts about what might happen to it in the future. The EU would like to promise that the Euro (if supported by all states within it) will become the top currancy. However, I can't see it being to sterdy to last a long time, UK shouldn't resolve in loosing the pound to a curancy that has no garuntee.

[Tommy]

No keep the pound man! I cba spending ages working it all out, its bad enough when i go on holiday! Wait till i die then change it =]

[bobbles]

DO NOT GET THE EURO IT *****S UP PRICES AND MAKES YOUR CURRENCY VERY WEAK you have been warned
all I know is every Irish person that I know regrets us getting the euro and we never wanted it in the first place