Monday, 1 December 2008

Is the UK closer to joining the Euro??

. The European Commission's president, Jose Manuel Barroso, thinks that we are. According to the BBC; he told French radio that 'British politicians were considering the move because of the effects of the global credit crunch'.

Downing Street denies it and naturally the Conservatives think it is true;

"Shadow foreign secretary William Hague said it was "extraordinary" ministers were talking EU about joining the euro "behind the British people's backs"."

In terms of meeting Gordon Brown's fabled 'five tests' it looks like Barroso feels that the financial crisis is 'levelling down'. He said;

"I'm not going to break the confidentiality of certain conversations, but some British politicians have already told me, 'If we had the euro, we would have been better off'. "

4 comments:

wit and wisdom said...

'Is the UK closer to joining the Euro?'

No.

Nothing has changed, no senior politician wishes to sponsor this and there is no earthly reason why the current financial balls-up would change their minds.

Is Jose Manuel Barroso closer to retirement?

Yes, on today's evidence.

James Schneider said...

Wit and wisdom is correct unless investors lose confidence in UK national debt, then it will be too late, but joining the Euro would have averted the problem.

Will we join the euro soon - no.
Is there a case to be made that we should - yes.

Darrell G said...

Interesting replies. I think you are both probably right...but have you seen over on Anthony Hooks blog that the leader of our MEP's is calling for us to make the case for entry??

Anonymous said...

Probably not any closer to joining the euro but the country should be - that's where our economic as well political interests lie. To quote George Soros Britain could be in a dangerous position squeezed between the euro and the dollar. However why not abolish currency volatility? Visit the website www.singleglobalcurrency.org