'Should the UK join the Euro?' poll discussion

Former_MSE_Lawrence

Poll between 29 September - 05 October 2009:

Should the UK join the euro?

The pound’s plummeted against the euro, so it's not far from £1=€1 (see Travel Money Max for latest rate).

Is it time we joined the European currency? If so the rate would be fixed, and possibly at a higher exchange rate than the one we get now, or should we stick with the pound, which could bounce back? Remember it isn’t just about travel money, but has a massive impact on imports and exports.

A. The UK should join the euro. - 30% (2886 votes)
B. We should keep the pound. - 65% (6295 votes)
C. Don’t know. - 5% (557 votes)

This vote has now closed, but you can still click 'post reply' to discuss below. Thanks

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Alias_Omega

On a recent travel trip to spain, 2 local pints of lager (san migel) was 4 euros each, that was for the local stuff. That would equal to £3.80 a pint over here.

I would hate to think what a premium lager would of cost (Stella etc).

If we went to the euro, prices of drinks would increase overnight as seen when spain / ibiza took the euro, but im unsure if wages would increase to the same level. Possible wetherspoon offers of Carling / Carlsberg of £1.79 a pint increasing to 4 euro a drink etc. This is a basic example.

On the basis of above, I guess we would expect our wages to increase, and then maybe from £28,000 a year to 56,000 Euros a year.

I doubt it.

I voted for keeping the £

bryanb

Alias_Omega wrote: »

On a recent travel trip to spain, 2 local pints of lager (san migel) was 4 euros each, that was for the local stuff. That would equal to £3.80 a pint over here.

I would hate to think what a premium lager would of cost (Stella etc).

If we went to the euro, prices of drinks would increase overnight as seen when spain / ibiza took the euro, but im unsure if wages would increase to the same level. Possible wetherspoon offers of Carling / Carlsberg of £1.79 a pint increasing to 4 euro a drink etc. This is a basic example.

On the basis of above, I guess we would expect our wages to increase, and then maybe from £28,000 a year to 56,000 Euros a year.

I doubt it.

I voted for keeping the £

It's a culture thing regarding lager/beer. People of mainland Europe don't drink "Pints." (except Germans at beer halls in Bavaria) Plus one or two of what in UK would be a small beer would last a complete evening out.

Sceptic001

The wording of the poll is flawed. Presumably when you say "possibly at a better exchange rate than the one we get now" you mean "possibly at a higher exchange rate than the one we get now", which for exporters would be worse!

For me the key issue is not how many euros I get when I go on holiday, but who sets the UK's monetary policy, the Bank of England or the European Central Bank. It is difficult enough to set a single suitable interest rate for the UK. To require the UK to adopt the same rate as the eurozone would be to surrender a key economic tool to an organisation (the European Central Bank) which, by definition, is unable to act in the sole interest of the UK economy.

zygurat789

throughout history we have been moving from a self-contained family unit (living in a cave), to nationstates (as we are today). The logical conclusion of this trend is a world state. No doubt there were citizens of Murcia, Wessex and Northumbria who also had the Luddite attitude but the Eurosceptics of today seem to be happy with what they have now, which just about sums up there attitude "progress over my dead body" to which the reply must be Yes.
Lets get out there and lead the world like our forefathers taught us.

Sceptic001

The collapse of numerous empires over the last several thousand years (most recently the Soviet Union) tends to disprove your assertion, zygurat789.

Successful political and economic unions (eg. USA) only last with the consent of their citizens. The jury is still out on the EU, but the omens are not good given the rulers' tendency to ignore the will of the people (eg. ignored referendums in France, the Netherlands and Ireland).

MSE_Martin

Sceptic001 wrote: »

The wording of the poll is flawed. Presumably when you say "possibly at a better exchange rate than the one we get now" you mean "possibly at a higher exchange rate than the one we get now", which for exporters would be worse!

For me the key issue is not how many euros I get when I go on holiday, but who sets the UK's monetary policy, the Bank of England or the European Central Bank. It is difficult enough to set a single suitable interest rate for the UK. To require the UK to adopt the same rate as the eurozone would be to surrender a key economic tool to an organisation (the European Central Bank) which, by definition, is unable to act in the sole interest of the UK economy.

good point - ill change that

zygurat789

Sceptic said
The collapse of numerous empires over the last several thousand years (most recently the Soviet Union) tends to disprove your assertion, zygurat789.

And because the stock market has gone down means it will never go up again. Your standard of PROOF is very low.

And yes of course the structure has to be democratic, but again the movement over history has been towards democracy.

That's the way we're heading and have been doing since the start, the luddites only caused a slight delay. It will happen one day

zygurat789

Sceptic001 wrote: »

The wording of the poll is flawed. Presumably when you say "possibly at a better exchange rate than the one we get now" you mean "possibly at a higher exchange rate than the one we get now", which for exporters would be worse!

For me the key issue is not how many euros I get when I go on holiday, but who sets the UK's monetary policy, the Bank of England or the European Central Bank. It is difficult enough to set a single suitable interest rate for the UK. To require the UK to adopt the same rate as the eurozone would be to surrender a key economic tool to an organisation (the European Central Bank) which, by definition, is unable to act in the sole interest of the UK economy.

Nor should they, they have to act in the best interests of the whole of Europe, that's their job and they've done it better than anyone in this country over the last 40 odd years. Shame it didn't happen years ago when some minor labour politician didn't want to upset the Durham miners and said no to the original organisation.

teddyco

If the UK and USA had adhered to the teachings of Adam Smith - who was a proponent of banking regulation seeing the inherent sinful nature of man and his propensity to greedy behavior - there would be proper restrictions in the banking system and we wouldn't be in this current financial mess.

Also, on the point of joining the Euro, I would warn against this given that the EU is very young, and the actual government and judicial system is about as strong as clay.

Adam Smith states in his Lectures on Jurisprudence that a factor that "greatly !!!!!! commerce was the imperfection of the law and the uncertainty in its application" (Smith, 528)

The biggest problem with the European Union at this time is the level of confusion associated with its' laws, regulations and the enforcement of those laws. Economic success and likewise power of a national currency is directly proportional to the perfection of the legislative and judicial power and its' ability to enforce and protect its' citizens and their personal property.

Say NO to the Euro!

zygurat789

teddyco wrote: »

If the UK and USA had adhered to the teachings of Adam Smith - who was a proponent of banking regulation seeing the inherent sinful nature of man and his propensity to greedy behavior - there would be proper restrictions in the banking system and we wouldn't be in this current financial mess.

Also, on the point of joining the Euro, I would warn against this given that the EU is very young, and the actual government and judicial system is about as strong as clay.

Adam Smith states in his Lectures on Jurisprudence that a factor that "greatly !!!!!! commerce was the imperfection of the law and the uncertainty in its application" (Smith, 528)

The biggest problem with the European Union at this time is the level of confusion associated with its' laws, regulations and the enforcement of those laws. Economic success and likewise power of a national currency is directly proportional to the perfection of the legislative and judicial power and its' ability to enforce and protect its' citizens and their personal property.

Yes Lets get in and sort it out properly