Fri, 10 February 2012
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Expatica’s guest editor Dominic Hinde sounds off over Britain’s refusal to adopt the euro.
Quite apart from all the other reasons why Britain should not enter the eurozone is inflation. I remember when we went decimal - it led to massive inflation as prices were rounded up. My German friends complain of the rise in prices when they gave up the Dmark - I say - I told you so!
Actually there where no rise in prices to speak of its just the ignorance of the exchange rate at the time between the D mark and Euro. And that something of this magnetude was happening all at once. Germans like to complain like everyone else when something new is introduced that they are not familiar with.
To argue that the Britain should adopt the Euro because the pound is 'flimsy' makes as much sense as arguing that Europe should have joined the pound when the Euro was weak. Or perhaps we should join the Yuan as the Chinese economy is set to boom. Currencies inevitably move against each other.
If anyone in Britain still thinks we Rule the World, I don't think even a change of currency would get through and the general concept of 'bringing Britain down a peg or two' is hardly a good reason for changing to a foreign currency.
The Bank of England is not that independent of the government as evidenced by recent government intervention of Northern Rock. As good or bad as our politicians are at least we can boot them out now and then - something not possible with the so called 'efficient Germans who control the Euro'. Which is after all a simplistic stereotype. Or perhaps we should have the French controlling our lovemaking and Spanish controlling our weather too:) Better still let's have the Belgians dictate our human rights legislation - oops too late...
As for it being frustrating stepping off of a train with the wrong currency and struggling to understand the Euro coins I would have thought the last person to have that problem was the author. And a million plus wonderful Europeans have happily made the move in the other direction and seem to have no issue accepting the pound.
Finally and most seriously, I don't think the author gives the British people enough credit. It might just be that they don't want to join the Euro because, like some crooked criminal fraternity, once you join you will will never ever be allowed to leave.
Quite apart from all the other reasons why Britain should not enter the eurozone is inflation. I remember when we went decimal - it led to massive inflation as prices were rounded up. My German friends complain of the rise in prices when they gave up the Dmark - I say - I told you so!
Actually there where no rise in prices to speak of its just the ignorance of the exchange rate at the time between the D mark and Euro. And that something of this magnetude was happening all at once. Germans like to complain like everyone else when something new is introduced that they are not familiar with.
To argue that the Britain should adopt the Euro because the pound is 'flimsy' makes as much sense as arguing that Europe should have joined the pound when the Euro was weak. Or perhaps we should join the Yuan as the Chinese economy is set to boom. Currencies inevitably move against each other.
If anyone in Britain still thinks we Rule the World, I don't think even a change of currency would get through and the general concept of 'bringing Britain down a peg or two' is hardly a good reason for changing to a foreign currency.
The Bank of England is not that independent of the government as evidenced by recent government intervention of Northern Rock. As good or bad as our politicians are at least we can boot them out now and then - something not possible with the so called 'efficient Germans who control the Euro'. Which is after all a simplistic stereotype. Or perhaps we should have the French controlling our lovemaking and Spanish controlling our weather too:) Better still let's have the Belgians dictate our human rights legislation - oops too late...
As for it being frustrating stepping off of a train with the wrong currency and struggling to understand the Euro coins I would have thought the last person to have that problem was the author. And a million plus wonderful Europeans have happily made the move in the other direction and seem to have no issue accepting the pound.
Finally and most seriously, I don't think the author gives the British people enough credit. It might just be that they don't want to join the Euro because, like some crooked criminal fraternity, once you join you will will never ever be allowed to leave.
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