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     Question Forum : Views on Euro  Date Posted: 20 - June - 2001

 

 

 

What are your views on the single European Currency. Should Britain give up the pound and join the Euro?

The key question is not so much what a currency is called, but who controls its issue. Theoretically, moving from the pound to the Euro would mean that key decisions affecting the currency are taken in Brussels rather than in London, and that the factors taken into account are not specific to the UK economy. However, the control our elected parliament has over the pound at present is almost nil. The government has abdicated the setting of interest rates to the Bank of England, and the Bank of England is not in any way controlled by parliament, nor is it accountable to the British people. The bulk of our money supply is created by private banks as a debt, and the interest on that debt (the national debt) is collected via taxation, making for ever higher taxes with ever lower returns to the people as far as benefits and services are concerned.

Rather than getting caught up in the debate about the pound or the Euro, we should demand a currency issued and backed by the government at no charge to the people. There is no reason why the government cannot create its own money supply rather than having to pay the penalty of allowing banks to create it on its behalf. An interest-free pound issued and backed by the government and not manipulated in the interests of bankers and speculators would indeed be a pound worth fighting for.

See also the following article on this site: The Truth About Money

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