I can only agree with the sentiments expressed by Mr. George Marsh in the Guardian (Jan 24) that we' must not surrender out own currency'.
We should ask: Will we gain more than we lose by joining ?
Why are Gordon Brown and Tony Blair not asking themselves this latter question?
The answer is, although they will not admit it, that their primary reason for joining the euro is political.
The criterion of five economic tests set up by Gordon Brown merely make it less likely that the economy will suffer short term damage from adoption of the euro.
They give no guarantee that the British economy will not be locked into a prolonged recession when, perhaps only one or two years after the euro's adoption, this country will have to adopt high interest rates because those are the rates demanded by Europe.
Worse, our membership of the euro would also remove our ability to adjust our exchange rate to the market level and the stability pact would limit the possibilities of spending more on health and infrastructure even if such
spending were to be in the public interest.
Give their predominantly political motivations, any recommendation on their part that joining the euro is in this country's long term economic interest must be taken with more than a small pinch of salt.
John Bailey, Croydon
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