Last week the Pound fell to 1.11 Euros and some British consumers are currently receiving less than a Euro for every Pound when changing the currency. This has led to a large number of economists and analysts calling for Sterling to be scraped.
Commenting on the Pound, Scottish JEF-Europe Vice-President Toni Giugliano stated:
“Not a single argument stands for holding on to the Pound.”
“The situation in the UK is dire. British tourists are now being sold less than a Euro for each Pound; borrowing is increasing and markets no longer trust the British Government.”
“Ironic to see Gordon Brown now making the effort to attend the meetings of the EU Finance Ministers – after having snubbed Europe for a decade he is now clinging on to it.”
“It is only a matter of time before Brown realises that the biggest mistake of his career was to miss the opportunity Britain had of joining the Euro”.
Young European Movement (YEM) President Tomas Ruta commented:
“It is true that in Britain we don’t welcome change so rapidly. But the Euro has been tried and tested and it’s unquestionably been a success”
“If this economic recession has been useful for anything it’s been to prove the weakness and vulnerability of the Pound”
“Small, floating currencies are not sustainable and the sooner the British public realise this, the better for our wallets”
“You simply can’t be a member of a club and not make use of its full benefits. It’s time for Westminster to reconsider.” [ENDS]
(Press Contact: Toni Giugliano +44 (0)7756663312)]
1. On 7 December 2009 at 12:45, by Trevor
Replying to: Saving the Pound: Not a Single Argument Stands
One of the main reasons why Britian preferred to stay outside the EMU with their pound sterling is one of arrogance and petty stupidy and bullish history of heroisms. The Euro was aligned to the duetch mark at the time the Euro was launched(DM being the strongest currency in Europe). Britian realised this and considering how britian gloats itself over it “heroism” in both WW1 and WW2 and how they defeated Germany as it main enemy (not once but twice). Britian forgets to rapidly that only for the American intervention in both wars the endgame would be a different matter. Britian proud as it may be of its pound sterling needs to let go in the name of progress, partnership and best practices. But Britian remain arrogant and while the Lion can roar Britian will not nor will its currency become subservient to anything German. Britian seems to forget that sooner or later it will HAVE to join the EMU because of falling rates of sterling and it detiorating purchasing power on the world market. On the monetary playing field the dollar will compete against the Euro, and the pound sterling will be left behind. Result devalualation against the euro and the dollar. British exports will suffer beacause of the currency imbalance. Pound sterling is no longer ruling the waves of world economic supremacy as it did in time of VR. That time is over in the past. Britian needs to look at the NOW. In time sooner then Britian thinks they will be economically forced to join the EMU. The coercion will not come from Europe but from isolation on the world stage and Britian’s refusal in the eyes of wisdom to do the correct thing.Hindsight hold the answer. Being the most awkward partner in Europe, Britian will have to bite the bullet and join the EMU. It makes economic sense to do so in any case-unity is Europes strength and ALL member states must pull together and not against one another. Gordon Brown should before he leaves power ensure that Britian does join the EMU for the benefit of his country and its people. As leader of the Labour party he should show vision in this area and not be dictated in my opinion to by the Bank of England, whose ultra conservatism and stiff upper Britishness has in effect stalled progress in this area, as a consequence its people will be asked to bear the burden of of political myopia. Britian needs a wake up call and with sterling falling in world markets the clarion sounding in nearer that one thinks. But there is no one as deaf as the person who doesn’t want to hear.
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