I have read the various articles and letters about the single currency and the expansion of the EU published in your newspaper in recent months with great interest.
The majority of opinions do not seem, to me, to take into account the impact these two actions, if implemented, will have on our country, the UK, in the future.
If the UK enters the single currency we will have to accept what will inevitably follow as a result of that action.
We will no longer have control over the exchange rate of our currency, which would then be the Euro.
The exchange rate of the Euro will be controlled, as it is now, by what the other major economies of the world believe it should be.
Since the Euro was introduced it has lost over 25% of its original value on world markets. It is showing no positive sign of recovering.
The media is always complaining about the strength of the pound.
In fact, since the introduction of the Euro, the pound has gained 17% over the Euro but has lost 14% against the US $. It is only in Europe the pound is strong. When the German DM was strong against other currencies, the Germans did not complain - they were proud of it. Because the value of the DM was fixed against the Euro on January 1, 1999 it has also declined with it.
A lot of Germans now complain!
Joining the Euro will also mean the loss of sovereignty over our own economy.
The single currency will inevitably lead to harmonisation of taxation in the EU, the first step towards a federal Europe.
The European Commission already has too much power and too much control over our affairs. The UK is already powerless in many areas.
But all this is almost insignificant compared with what will happen if and when the eastern countries of Europe that are clambering to join are admitted.
Their economies are very poor when compared with ours.
We have the fourth strongest economy in the world according to the experts.
Ask a German what the re-unification with East Germany cost the West German economy! The admission of the eastern countries will have a devastating effect on the EU economy. Who will pay? The UK, Germany, France and Holland will be the main losers. What will be the inevitable result of subsidising these poorer countries? A further devaluation of the Euro! The corruption that already exists in the EU and is admitted by the Commission, particularly in the Common Agriculture Policy, will be as nothing when these mainly agricultural countries start making their claims! Their infrastructures are poor compared with ours. Spain is already complaining about what it sees as competition for a share of the honey pot. Spain is in for a shock - it will probably become a net contributor as its economy will be judged to be superior to that of the entrants.
I do not subscribe to what many say about keeping the pound. It is largely sentimentality and a resistance to change. I believe in our keeping the pound because it is one of the major currencies of the world and can stand on its own merit.
I am not one of those who want to withdraw from the EU. I believe we should fight our corner even more strongly that we do at present. The others complain of our extreme nationalism. But there is no country more nationalistic than France, the country at the root of the CAP (Common Agriculture Policy) problem. France resists every effort to reform the CAP because of the very large number of small farmers.
This is made very obvious by tractors blocking the roads in protest at any attempt at reform. Every country in Europe is nationalistic to a certain extent and this is why a Federal Europe will never work, even more unlikely if the eastern countries are admitted.
Some point to the USA as an example of how a federation of states work. There is no comparison between the USA and Europe. America in its early days was made up mostly of people who had left Europe in the hope of a better life. There was no tradition of history. History was being made there and then. But even the early settlers had their differences which were finally sorted out in a civil war. They all speak the same language which obviously helps a lot. Europe is made up of countries with a strong sense of history. Countries that have fought each other over the centuries and if the formation of the EU has done one good thing it is probably that an inter-European war is now highly unlikely.
They all speak different languages and if the eastern countries are admitted, there will be a number of different alphabets as well as that of Greece.
But the nationalism remains and is an enormous barrier to the formation of a Federal Europe. It just will not work.
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