Why doesn't the Uk join the Euro?

ghostbusters

It has never been clear to me as to why the financial services industry in this country have on the whole been negative about joining the euro. Other countries have sucessful stock markets within the eurozone don't they??

What does the City in particular gain by us being outside the Eurozone?

I hope someone could enlighten me .
Thanks in advance.

Aegis

ghostbusters wrote: »

It has never been clear to me as to why the financial services industry in this country have on the whole been negative about joining the euro. Other countries have sucessful stock markets within the eurozone don't they??

What does the City in particular gain by us being outside the Eurozone?

I hope someone could enlighten me .
Thanks in advance.

Look at Greece's current situation. Our independence allows our currency and our economy to be independent of that.

That's one very good reason for retaining control of our own financial systems for the moment.

opinions4u

ghostbusters wrote: »

It has never been clear to me as to why the financial services industry in this country have on the whole been negative about joining the euro.

I wonder how much it would cost the banks to change their whole infrastructure to support the change? That could answer your question.

Other countries have sucessful stock markets within the eurozone don't they??

Is that because of the Euro? There were successful stock markets in Europe prior to the introduction of the Euro. The most successful stock markets appear to be outside the Eurozone.

What does the City in particular gain by us being outside the Eurozone?

A lower level of interference from failed politicians in Brussels?

If our economy is going to go down the pan, I'd rather it be a result of our own British stupidity. I don't want to be dragged down by a crisis in Athens or Dublin thanks.

ghostbusters

i did think about avoiding being in the greece situation or dragged into it as an answer , however, even in more prosperous times when such a default wasn't on the minds of the majority of people .. joining was still looked upon unfavourably...
never been quite clear to me whats in it for the City in particular rather than the population as a whole ( I agree staying out is looking like a good thing now :-) )

Reaper

I believe there may come a time when it will be in our interest to join. That time is when all the economies have more or less converged and are stable (no lame ducks) plus there are more safeguards in place to stop other countries persuing economic policies to the detriment of the rest of the Eurozone.

I hope that day will come, but now is not the time.

the_other_half

Don't forget the city is the worlds biggest currency market trader, 2 out of every 3 currency transactions are traded there.

As previously mentioned if we did join the Euro it would come with more red tape and leave BOE and others with their hands tied which could prove disastrous given the current economic climate and with the new EU finance minister being French (we made a mistake there), he is already on record as wanting Paris to be a bigger power on the world stage.

vaporate

Aegis wrote: »

Look at Greece's current situation. Our independence allows our currency and our economy to be independent of that.

That's one very good reason for retaining control of our own financial systems for the moment.

Greece debt is hardly the fault of the Euro.

The UK will join the Euro eventually. Ticking clock.

opinions4u

vaporate wrote: »

Ticking clock.

I need to start wearing glasses.

The "l" in "clock" seemed to be sat next to the "k" in "Ticking" when I first read that !!

vaporate

opinions4u wrote: »

I need to start wearing glasses.

The "l" in "clock" seemed to be sat next to the "k" in "Ticking" when I first read that !!

I dread the day lol.

Aegis

vaporate wrote: »

Greece debt is hardly the fault of the Euro.

The UK will join the Euro eventually. Ticking clock.

Absolutely not, no, but the Greek situation is going to have a knock on effect on the currencies of all Euro countries, and the methods needed to assist in recovering the Greek economy are going to impact on all the other economies.

JEFFWT

There's a very interesting article and discussion in todays Telegraph regarding the Euro and the current financial crisis:

http://!!!!!!/bVAbHa

Jeff