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Archive for December, 2008

Time for the Euro?

Monday, December 29th, 2008

With the pound hitting a new record low against the Euro, the exchange rate is almost down to 1:1.  How about the UK now considering joining the Euro?

Think of the advantages:

– unlike other countries that had conversion rates with four figures after the decimal point, the UK could just switch over without the need for conversion and just simply change the pound sign to a Euro one

– people would not have to work out how much something was “in pounds”, as many people on the continent still do when buying expensive items, as this would not be necessary

– it would no longer be necessary to exchange money when going on holiday to the Eurozone countries

– the two currencies could co-exist side by side for a while, removing the need to suddenly print and mint lots more Euro notes and coins

Of course, the euro-skeptics would be totally against this idea.  But why?

– because we are proud of the pound?  Well, let’s be proud of the Euro instead.

– because we want the Queen’s head on our coins?  No problem, mint the Euro coins with her head on the national side (as do Belgium, Spain, the Netherlands, Luxembourg, and Vatican City)

– because we don’t want to give up control of our currency?  Well, at the moment some analysts suggest that it is the difference in interest rates between the Bank of England and the European Central Bank that is the reason for the pound’s loss of value.  So why not join in and solve the problem?

Go on United Kingdom, take the plunge.  Or am I missing something here?



 

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