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Why hasn't the UK adopted the Euro as its currency?

Discussion in 'United Kingdom' started by The Gatherer, Aug 14, 2004.

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  1. The Gatherer

    The Gatherer Jedi Youngling star 6

    Registered:
    Aug 2, 1999
    Is England the only country in the Eurpean Union that has not adopted the Euro as it's currency? Why hasn't it done so? Is it due to sentimental reasons, national pride, etc... Or economic reasons, as the Pound Sterling is more stronger than the Euro?

    Was there a national referendum on the Euro?
     
  2. AmberStarbright

    AmberStarbright Jedi Grand Master star 7

    Registered:
    Dec 20, 2002
    Actually I think Sweden don't have the Euro also
     
  3. halibut

    halibut Ex-Mod star 8 VIP - Former Mod/RSA

    Registered:
    Aug 27, 2000
    ALL countries are supposed to have a referendum before joining the Euro. Apparently, Germany DIDN'T (much to the dismay of the inhabitants), and overnight prices changed.

    HOWEVER, if something was 5 marks, then it became 5 Euros meaning that prices virtually doubled overnight. Wages, however, didn't. It did not go down well


    Also being a member of the Euro means that interest rates etc are no longer goverend by your own country. Ireland very nearly went bankrupt after joining the Euro.

    It's not a good investment for Britain.....yet
     
  4. Enji

    Enji Jedi Grand Master star 6

    Registered:
    May 14, 2002
    Yeah, Sweden hasn't adopted the Euro either, and since the Swedish people voted "no" to it last fall it's a bit difficult for the politicians to enforce it yet...

    EDIT: I believe Denmark hasn't adopted it either.
     
  5. Happy Ninja

    Happy Ninja Jedi Knight star 6

    Registered:
    Mar 20, 2000
    Yoshee Edit: Inappropriate comment.

     
  6. zacparis

    zacparis VIP star 7 VIP - Former Mod/RSA

    Registered:
    Sep 1, 2003
    Only 12 of the 25 member states use the euro.

    This is from the official euro website:

    Denmark and the UK negotiated an "opt-out" Protocol to the EU Treaty, granting them the option of joining the euro area or not. If they decide to do so, both countries have nevertheless to fulfil the convergence criteria set out in the Maastricht Treaty.

    So I guess it's up to the people. If we had the vote now, I wouldn't know which way to vote. I'd need to look into the pros and cons first.
     
  7. The Gatherer

    The Gatherer Jedi Youngling star 6

    Registered:
    Aug 2, 1999
    What is the website for the Euro... I would appreciate the URL!

    What is the convergence criteria?

    BTW, thanks everyone for your input! :)
     
  8. zacparis

    zacparis VIP star 7 VIP - Former Mod/RSA

    Registered:
    Sep 1, 2003
    No problem. :)

    http://europa.eu.int/comm/economy_finance/euro/our_currency_en.htm
     
  9. The Gatherer

    The Gatherer Jedi Youngling star 6

    Registered:
    Aug 2, 1999
    With the advent of the European Union, why isn't there a single EU stockmarket, why do individual countries still maintain their own stockmarket?
     
  10. zacparis

    zacparis VIP star 7 VIP - Former Mod/RSA

    Registered:
    Sep 1, 2003
    The EU isn't a single political or economic entity... yet.
     
  11. Darth_MacDaddy

    Darth_MacDaddy Jedi Padawan star 4

    Registered:
    Apr 10, 2003
    The EU isn't a single political or economic entity... yet

    Nor was it ever meant to be. If you recall the referendum of 1973 we agreed to the "Common Market" which was nothing to do with single currencies or amalgamation of political institutions. The present EU has been forced on the European Economic Area (which is what it was originally called) by stealth where we have unelected bureaucrats making politcal and economic decisions for people they have no mandate from.

    [face_monkey]
     
  12. zacparis

    zacparis VIP star 7 VIP - Former Mod/RSA

    Registered:
    Sep 1, 2003
    Nor was it ever meant to be.

    Exactly. I really don't understand the rush for further integration. It's like some kind of run-away train, no one knows where it's going.

    However I think it would be a bad idea to give in to our fears and outright reject the euro, before we (the general public) fully understand the implications.

    If you recall the referendum of 1973 we agreed to the "Common Market" which was nothing to do with single currencies or amalgamation of political institutions.

    That was a bit before my time. :p
     
  13. AmberStarbright

    AmberStarbright Jedi Grand Master star 7

    Registered:
    Dec 20, 2002
    Until the Euro actually provides better benefits to us I wouldn't vote yes. I mean all the problems with Germany had, in the end we would loose out and other countries would probably benefit from that.
     
  14. halibut

    halibut Ex-Mod star 8 VIP - Former Mod/RSA

    Registered:
    Aug 27, 2000
    Tis the first step to communism. The rich countries economies support the poor countries
     
  15. malkieD2

    malkieD2 Ex-Manager and RSA star 7 VIP - Former Mod/RSA

    Registered:
    Jun 7, 2002
    England eh ? Forgotton about the rest of the UK again ?
     
  16. The Gatherer

    The Gatherer Jedi Youngling star 6

    Registered:
    Aug 2, 1999
    Whoops... sorry, my bad!
     
  17. DarthKarde

    DarthKarde Jedi Knight star 5

    Registered:
    Jun 28, 2002
    ALL countries are supposed to have a referendum before joining the Euro. Apparently, Germany DIDN'T (much to the dismay of the inhabitants), and overnight prices changed.

    The German constitution specifically prohibits referenda.

    Yoshee Edit: Title Changed
     
  18. Darth_MacDaddy

    Darth_MacDaddy Jedi Padawan star 4

    Registered:
    Apr 10, 2003
    ALL countries are supposed to have a referendum before joining the Euro. Apparently, Germany DIDN'T (much to the dismay of the inhabitants), and overnight prices changed.

    The German constitution specifically prohibits referenda.


    Which demonstrates an advantage of our unwritten constitution ;)

    [face_monkey]
     
  19. Darkgloom

    Darkgloom Jedi Youngling star 3

    Registered:
    Nov 2, 2001
    The way I see it, the longest period of peace in Europe ever has passed since wwII and this it is no coincidence that the EU has been invented since then. For this simple reason I believe we should integrate into Europe as much as possible.

    IMO, people like the UKIP are ignorant. We drink french wine, we eat french bread, we go on holidays to Germany, France and Spain. People simply don't realise how Europeanised we have become.

    Admittedly this is not showing any specific economic argument for the Euro, but it is just generally a pro europe statement. If joining the Euro means strengthening the EU, and Britain's position in the EU, then so be it. The EU is the largest political union in the world, and we should not approach it with the attitude we do or we could be playing a much larger part in it.

    After all, we were the ones that invented the term "Euro" (it was going to be called the "Mark" but we thought that was too like the Deutschmark). Hence if you look at a Euro, Britain is in the centre of the coin. I find this quite ironic as we are the largest european power that has not yet adopted it.
     
  20. Moylesy

    Moylesy Jedi Padawan star 4

    Registered:
    Jul 4, 2001
    From a group campaigning for the Euro;

    In 1997, the British government set out five economic tests it would apply before recommending British membership of the euro.

    The most fundamental is that demanding sustainable convergence of the British and European economies. Others concern the City of London, long-term investment, jobs and labour market flexibility.

    The government has undertaken to conduct an assessment of these tests within two years of the June 2001 General Election. Influential economists, both pro-euro and anti-euro have argued that in recent years Britain's economy has converged with that of its Euroland partners.

    Nevertheless, there is a measure of subjective assessment built into to the government's five tests. It seems unlikely that the government will declare the tests met unless it thinks it can win over public opinion in a referendum and the exchange rate is seen as more equitable to British industry.


    I would suggest that the 5 tests are nothing more than a stalling mechanism to allow the Government to put off a Referendum until such a time that they believe they could win it.

    *******************************************************

    We drink french wine, we eat french bread, we go on holidays to Germany, France and Spain. People simply don't realise how Europeanised we have become.


    What a valid, well-considered point that is :rolleyes: ;

    Wine - 6 of the Top 10 wine brands sold in the UK are Australian, with traditional French and Italian brands not even making it onto the Top 10 list. In the UK, Australian wines lead the market with 24% value share of the market.

    Bread - Yes, baguettes and French sticks are popular but so is Naan which goes very well with Britain's favourite dish - curry (which does not come from Europe as far as I know).

    Holidays - I would suggest that the weather and cost is more influential in the choice of a holiday abroad for Britons rather than a desire to feel more "european". Spain and France are still the most popular holiday destinations although you find more Britons holidaying in the States than Germany.
     
  21. Darth_Asabrush

    Darth_Asabrush Jedi Grand Master star 5

    Registered:
    May 21, 2000
    The EU whether in the guise of The Commission, the Parliament of the Council of Ministers or what over organisiation - is extremely corrupt.

    Too many people on the gravy train, systems that make no economic or effeciency sense, money being wasted and a Parliament with no real power.

    I see no advantage to democracy by moving our democracy further away from the people of this country and reducing the say and will of the people.

    Until the EU sorts out its accounts, becomes more transparent and accessable to the people and gives the Parliament real powers to hold the Commission and EU governments to account and have the power of veto; and until the national governments think collectively rather than looking out for their own interests I will always be suspicious of the EU.

    That is what makes me a Eurosceptic. I support greater co-operation and more unity but until the EU has the willingness to look at itself and clean up its act then I'll always see the disadvantages of The EU.

    At the end of the day look at the ineffeciencey of our own Parliament to hold Blair to account. That is with a Parliament that in theory at least, has real power to act. Imagine the European Parliament trying to hold the many headed snake that is the EU to account.....

     
  22. Darth_MacDaddy

    Darth_MacDaddy Jedi Padawan star 4

    Registered:
    Apr 10, 2003
    The way I see it, the longest period of peace in Europe ever has passed since wwII and this it is no coincidence that the EU has been invented since then. For this simple reason I believe we should integrate into Europe as much as possible.

    I think you will find that we had peace in Europe for over 30 years prior to any influential input from the EU. I think you'll also find that peace in Europe can be attributed to the United Nations more than anything else.

    IMO, people like the UKIP are ignorant. We drink french wine, we eat french bread, we go on holidays to Germany, France and Spain. People simply don't realise how Europeanised we have become.

    How can UKIP be ignorant? They are not saying; don't eat, drink or purchase any European product, or don't visit any European country - they are merely argueing for a withdrawl from the EU. Last time I checked they weren't campaigning for a ban on all European products etc. I think you need to make a distinction here.

    At the end of the day look at the ineffeciencey of our own Parliament to hold Blair to account. That is with a Parliament that in theory at least, has real power to act.

    In all fairness this has quite a bit to do with Blair's disregard for the political institutions that, for many years, have been in place to keep a check on parliment.

    If it ain't broke - don't fix it!

    [face_monkey]
     
  23. Darth_Asabrush

    Darth_Asabrush Jedi Grand Master star 5

    Registered:
    May 21, 2000
    Indeed, my point was that if we can't even hold our national executive to account why remove democracy further away from the people to a body that has little power to do the same on a contintental level?
     
  24. Darth_MacDaddy

    Darth_MacDaddy Jedi Padawan star 4

    Registered:
    Apr 10, 2003
    Indeed, my point was that if we can't even hold our national executive to account why remove democracy further away from the people to a body that has little power to do the same on a contintental level?

    Its Labour's big plan! ;)

    [face_monkey]
     
  25. Darkgloom

    Darkgloom Jedi Youngling star 3

    Registered:
    Nov 2, 2001
    How can UKIP be ignorant? They are not saying; don't eat, drink or purchase any European product, or don't visit any European country - they are merely argueing for a withdrawl from the EU. Last time I checked they weren't campaigning for a ban on all European products etc. I think you need to make a distinction here.

    I wasn't saying that, I was simply saying that people such as the UKIP see us as entirely separate from Europe, like Europeans are "different" when in fact we have become very europeanised ourselves. It is a form of euro-phobia.
     
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