Assess The Arguements For And Essay Research

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Assess The Arguements For And Essay, Research Paper Assess the arguments for and against a single European currency Britain has always been the troublesome partner in the relation with the rest of Europe, whether it is because of the indecisiveness shown in the leaders involved with the Union such as the refusal to enter in the initial stages or because of Margaret Thatcher s reluctance to co-operate if decisions were not in Britain s best interest. In 1969 Britain finally became a member of the European Economic Community after being vetoed twice by the French leader De Gaulle, as he was unsure of Britain s commitment to the Union. This and the difficulties caused by leaders such as Margaret Thatcher for the rest of the E.E.C. suggests that there may be still some animosity

between the leadership especially if Britain keeps on postponing any decisions about the Euro. Traditionally a nation of Euro sceptics, much of Britain is opposed to joining the single currency and is backed by a reactive Conservative leader and some sections of the party. The recent European election showed clearly the Conservative Party s opposition to Britain becoming too involved with Europe. The hype that the Conservative Leader has set around his campaign in these elections would have stirred public opinion against the Euro, as he continually argued about the loss of national identity. If Tony Blair continues with integrating Britain into the single currency against the majority of the public s wishes, it may be likely that he will lose the next election if the nation

continues to be plagued with damning reports about the effects of the Euro. One of the main problems the Government will have to deal with is to convince the general public of the benefits of the Euro. As we this country seems to have a general sense of Britishness rather than Europeanism it may be difficult to convince them that being European is the way forward. Few people know of the overall benefits and when leaders such as William Hague seem to blatantly dismiss then and base a European election on keeping the pound and our sovereignty in a reactive policy based on public opinion, it makes the task even more difficult. Another difficultly the leader will have to face in taking Britain into the Euro is to find out what the British public actually want. The low European

election turnout of 1999 suggest that people do not think that Europe concerns them. When Britain does join the Euro the decision would be virtually irrevocable. The process of converting the tender will cost millions, as many things will need to be changed in order to accommodate it such as the replacement of all tender, new vending machines would have to be made, people would have to be trained to work with a new currency which will cost a large amount of money. Also, the Euro is a new currency that has not had enough time to establish itself, it may be in Britain s best interest to wait and see how the Euro progresses before taking the risk to join when it could very easily collapse and if we join too rapidly then the country could easily lose millions as it did in the hands

of John Major when the ERM collapsed. As this event did huge damage to Major s creditability, the Conservative party lost the support of the majority of the public, as this was probably one of the main reasons for a more united Labour Party s landslide victory, Blair has to be sure that he believes that the Euro will be better for everyone. Perhaps the most discussed issues against the single currency is the nation s loss of sovereignty and that Britain will become even more subordinate to a supranational body. Some compromises have been suggested such as allowing the Queens head to remain on the tender. However E.U. law can already overturn British law, as the European Court of Human Rights is the final court of appeal for the British public, a position once held by the House of