Letter: Euro visions

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Letter: Euro visions

Sir: Your survey of the likely key players in the British debate over the European single currency ("Blair treads softly on new currency", 30 December) overlooks the critical impact of the analysis developed by the left of the Labour Party, especially the Socialist Campaign Group of MPs and MEPs.

Although included in the list of the "Antis" is Labour MP Austin Mitchell, his criticisms of the single currency come from the radical centre. The Campaign Group's critique comes from both the traditional left, such as Tony Benn, and the modernist left, such as Nottingham South MP Alan Simpson, the most articulate exponent of the criticism of modern capitalism and the corrosive effects of "globalisation" on local and regional economies, co-operative trade, and global ecology.

There will be a massive "democratic deficit" if we sign up to the euro, as the rules of the European Central Bank prohibit interference with the ECB's operations or decisions by EU governments or parliaments. The euro bankers are unelected and not removeable, even if they make a disastrous hash of it. Elected governments and parliaments will be able to make a lot of noise, but not legally to take any corrective action.

I support Mr Prescott's renewed call in his Independent interview (30 December) for traditional Labour values in a modern setting. Labour must continue to be for the many and not the few. Very shortly we will see that the euro embodies the opposite principle.


Stoneleigh, Surrey