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Andrew

An Article in the Royston Crow of March 18th, 2002

HOW WE WILL BENEFIT FROM THE EURO

Since the introduction of the euro notes and coins at the start of the year, Britain is taking the prospect of the single currency more seriously. It is right to weigh carefully the pros and cons. Liberal Democrat support for sterlingÕs membership is tempered by our commitment to a wide public debate Ñ and then decision in a referendum. We want that vote as soon as possible because continuing uncertainty is bad for both the pound and the euro.

I find that more and more people, especially in business and from our universities, share my sense of impatience. Many are joining Britain in Europe, the cross-party campaign group that will fight the referendum campaign. The message is clear: if the euro works for our European friends and partners, it can work for us too. If the euro is quickly becoming part of the European identity, we want a share in that identity too.

I agree. Britain needs to be in there, at the centre, helping to fashion the social, economic and industrial policies that will maximise EuropeÕs new competitive advantage. The euro will help to build Britain for the long term. Frankly, we cannot aspire to mainland standards of public services if we donÕt increase investment to EU levels. If we stick with sterling we are not putting in place the stable framework that long-term investors need.

The nub of the argument for the euro goes like this:

60% of our trade is with Europe, and business will be able to trade more efficiently.

Britain canÕt go is alone: we need to be part of a big trading area.

The world is coming together: we have to be big to survive

Our long term prosperity depends on being able to trade on equal terms.

We do need to think about the future.

Prices and mortgages will come down, so weÕll all be better off.

ItÕll be easy to compare prices if we all use the euro, and the competition will force price cuts.

Prices are already lower on the mainland (they donÕt come here to shop!).

The Lib Dems do not argue that there is no risk to going in, only that the risks are much greater if we stay out. We will not exaggerate the argument for going in Ñ but we wonÕt shirk it either.

Andrew Duff is the Liberal Democrat Member of the European Parliament for the East of England.

He can be contacted via www.andrewduffmep.org or at Orwell House, Cowley Road, Cambridge CB4 0PP.