To: 

No. 10 Downing Street, Open forum on Economics





Re: 

Saying "goodbye" to the Pound





Date: 

Mon, 1 Nov 1999













When the government finally decides that it is in Britain's
interest to join the single European currency, giving up the Pound in favour
of the Euro, it will have a very difficult - almost impossible - task on
its hands trying to persuade a majority of British people to support it
in the referendum it has promised them. It is not simply a matter of what
is to our economic advantage. The pound is a part of our history and national
identity. Most People will not be prepared to give it up without being
convinced that there are very good reasons indeed for doing so. We have
grown up with the Pound and are not just materially attached to it, but
also emotionally. Giving it up will mean giving up a valuable piece of
our national identity. The government will have to persuade the people
that it is really worth it, and that will not be easy. 

I am sure that many of the rational arguments of those who are against
us adopting the Euro are really just covering up for an emotional attachment
that they are not prepared or able to admit to. If I were to leave the
decision to my spontaneous feelings - which generally I like to trust -
I would be for keeping the Pound. It is only when I give the matter a lot
of rational thought and consideration that I realise that joining the common
European currency would have a lot of advantages. Although there are also
dangers and uncertainties involved. Personally, perhaps because I have
spent so long living on the continent (in Germany), I would take the risk,
although usually when faced with uncertainty, like most people, I am is
inclined to leave things the way they are, which in this case would mean
keeping the Pound. 

So how is the government going to go about persuading the British people
to support it in adopting the Euro and giving up the Pound? 

For a start it must recognise and take very seriously the emotional
attachment that most of us have towards the Pound. It is not just a matter
of finances and economics! When certain people refer to "scrapping" or
"dumping" the Pound, that hurts. If we are going to say "goodbye" to the
Pound then let us leave room for nostalgia and sadness, without being embarrassed
about it, and let us pay it a respectful and fitting farewell. 

It is a pity that when the Euro was conceived no one thought it possible
or desirable to retain in its name the names of the various national currencies,
as we retained the name of the Penny when we chanced to decimal money.
Why should we not have "Euro-Pounds", "Euro-Marks" and "Euro-Francs" etc.,
so that each nation can call the Euro by its own name. They would just
be names, but historically and personally they mean a lot to people. That
wouldn't change the hard fact of it being single (hopefully hard) currency.
Still, it is probably too late to change that now - or is it? 

The other thing the government must do, of course, is to provide some
very clear and convincing arguments for the need to give up the Pound for
the Euro. Just telling me that it will be to Britain's economic advantage,
which is all I have heard up until now, will certainly not be enough. I
want to know exactly what the government expects these advantages to be.
Any vagueness will fuel my uncertainty, and that will result in me wanting
to leave things the way they are and sticking with the Pound. 

Perhaps the administrator of this forum could sort out the various arguments
and counter augments for and against joining the single European currency
with commentaries or statements to each provided by the government. That
would be a big help when trying to make the right decision at the referendum
when it finally comes.