Jeremy Warner's Outlook: Euro membership: not such a crazy idea
Friday 23 May 2008
Time to revisit British membership of the euro? There's scarcely a politician that dares mention the idea these days, yet the truth is that the UK economy is now more converged with the continent than at any stage since the single currency came into existence.
Growth and interest rates are virtually the same, and the exchange rate, though painful for second home owners accustomed to once cheaper continental prices, is at a level which if locked in would guarantee British competitiveness. The ECB also seems to have emerged from the credit crunch with rather more credibility than the Bank of England.
It won't happen under Gordon Brown, who mistrusts Brussels almost as much as Brussels mistrusts him. But for those who think it even less likely under the Tories, just remember: it was a Tory government that originally took us into the common market. Politics have rarely been more fluid than they are now.
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