Europhiles always invoke the spectre of "speculators" waiting in the wings, ready to pounce on sterling if it stays outside the fold. But that is to equate size with strength. How hard is the dollar these days? The Swiss franc is the hardest currency in the world, yet Switzerland is not even a member of the UN, let alone the EU. Besides, if "speculators" could bring down sterling any time, why aren't they doing it now? The Europhiles fail to understand that it is governments trying to fix their currencies at unrealistic rates that invites attack from a market which knows their real value. That is why sterling was ejected from the ERM.
Currency rates are only a thermometer. You do not make your economy stronger by artificially boosting them. We should not join a single currency until we can do so without shackling our economy in the process.
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