The Single Currency — Why Britain Must Stay Out

Abstract

The European Union seriously thinks it can tame the global market by creating a single currency. It sees the important symbolism of having its ownnotes and coins with pictures of Europe on. It sees the economic power itwill bring over companies and national economies, once fixing the interest rates, currency rates and bank lending is in its own hands. It believes that then it can have a single voice on bodies like the old G7, the IMF and the World Bank. It hopes to achieve parity with the US and pre-eminence over everyone else. It may find instead that it has laid the foundations for the long break-up of the Union they are so desperate to create.